DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_2Q_2016_E.pdf · Global High Yield Debt (B4) Global High Yield Debt - US Dollar Denominated (B5)

DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Half 2016

REUTERS/ Mike Hutchings

High Yield

Emerging Market Debt

Emerging Market Debt - Latin America

All Brazilian Debt (BR1)

Global Debt in Mexican Pesos (MX2)

Domestic Mexican Debt (MX3)

13

13

13

14

Latin America Emerging Market Bonds (L3)

Asia-Pacific Emerging Market Bonds (L4)

12

12

12

12

EMEA Emerging Market Bonds (L2)

Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global High Yield Debt - US Dollar Denominated (B5)

All International Emerging Market Bonds (L1)

15

15Dim Sum Bonds (AS24a)

15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

15

15

16

17

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

Samurai Bonds (AP1)

16

16

2

First Half 2016 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global Mortgage-Backed Securities (B10)

16

Leading Underwriters for First Half 2016

Global Debt (B1) Australian Debt

Global Debt and Syndicated Loans Islamic Finance (DL2)

5

18

17

US Investment Grade Corporate Debt (F9)

6

Middle East Emerging Market Bonds (L5)

17

Japanese Securitizations (AP2)

20

19

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

US Mortgage-Backed Securities (F11)

US Asset-Backed Securities (F14) Criteria Summary

14

14

Global Asset-Backed Securities (B11) & (B13) 3

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

6

13

13

US Debt

Global Debt Rankings - Last Ten Years

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

18

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

Global Investment Grade Corporate Debt (B7)

All Bonds in Yen (AP5)

EMEA Deals Intelligence 10

10

10

3

https://www.thomsonone.com

Bonds Targeted in Japan (AP4)

Debt Capital Markets Criteria Summary

3

17

1

1

1

2

6

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

All Bonds in Euros (N1)

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

14

11All Global Green Bonds (GR01)

All International Green Bonds (JG1) 112

Australia Deals Intelligence

All Australian International Bonds (AJ7)

All Australian Debt (ex self-funded) (AJ3a)

Japan Debt

7

3

7

7

4

Banking Composite of Top US Debt Bookrunners 8

IFR Markets Supplement 9

US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a) Thomson Reuters Solutions for the Deal Making

Community

14

Brazilian Domestic Debt (BR2)

Global Debt by Mexican Issuers (MX1)

http://www.thomsonone.com/

GOVERNMENT & AGENCY OFFERINGS UP 53%; HEALTHCARE & ENERGY LEAD DECLINERS – Debt capitalmarkets activity from government & agency issuers totaled US$936.8 billion during the first half of 2016, registeringan industry-leading increase of 53% compared to year-ago levels. Healthcare and Energy & Power activity saw thesteepest year-over-year declines, registering decreases of 31% and 23%, respectively. Government & agency andfinancial offerings account for a combined 73% of first half 2016 issuance, up from 68% a year ago.

US INVESTMENT GRADE CORPORATE DEBT PULLS BACK FOR FIRST TIME SINCE 2010 - High gradecorporate debt offerings targeted to the US marketplace totaled US$341.8 billion during the second quarter of 2016, a5% decrease compared to the previous quarter. US high grade debt totaled US$700.0 billion during first half 2016, thefirst pull back for the asset class during a first half since 2010.

GLOBAL HIGH YIELD VOLUME DOWN 37% - The volume of global high yield corporate debt reached US$154.3billion during the first half of 2016, a 37% decrease compared to the first six months of 2015 and the slowest first halffor global high yield issuance since the first half of 2010. Second quarter issuance totaled US$108.9 billion, more thandouble first quarter 2016 activity, halting five consecutive quarters of declining high yield debt issuance.

Industry Total 100.0

23.7%Industry % Change from Same Period Last Year▲

Global Debt Hits 10-Year High l US Investment Grade Debt Declines for First Time since 2010 l High Yield Corporate Debt Doubles in Q2, Down 37% YTD

3.1% -0.2%

▼▼

-251

46.73,782,128.6

▼


▲▲14.4%

DEBT CAPITAL MARKETS REVIEW

11,600

Industry % Change from Same Period Last Year

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

11.4%

5,312,866.117,378.9

21.2% ▲

17,670.5

▼▼

Industry Total100.045.8

▲▼

Industry % Change from Last Quarter

▼



-12.4%▲

BNP Paribas SA 40010 2.8 137,532.6Top Ten Total

-4811 03.2

105,151.9118,983.9 +0.1 ▼ 9

58

1,758,949.4 -4.7

-1.4150,323.79

- 2.1 ▲

181,272.7▲▲

155,153.1133.4

-1523.4

18.5%

100.0

▲

44.7

▲

2,368,880.6

3.9%

Top Ten Total

Morgan StanleyWells Fargo & Co 10

Goldman Sachs & Co198,854.8

8362.7 Mizuho Financial Group 10

552

6 163,857.96 77

4.0Morgan Stanley

▼4.4-1.0

565

▲

-98

+0.2

5.4

▲+0.4

▼-0.7-1.1

-1.0

▼697

5.8

4.0

3.2559.1

▼-2186.0

697.2

4.8945.5

673 -79 2.6

8Goldman Sachs & Co

▲

5.4

934.85.4

▼

4 194,112.7

Deutsche Bank

445.0-0.8 ▼ 4.9

4.3 632

▼+0.3-147

▲HSBC Holdings PLC 5 9 165,848.6 4.4Barclays ▼4 4.1 -0.1

Deutsche Bank

710.2

164,671.9

Bank of America Merrill Lynch 3 3 213,840.7 7.15.1 -0.6 ▼ 665 5.7

1 256,599.3▼▼

6.8

5.7▼ 7.3-0.2

▼

2015 Rank

6.0

Bookrunner

Citi 2 2 225,558.8JP Morgan 1

Share Ch.

▼

Deals# of

970

829

ProceedsMarketSh (%)

Global Debt and Syndicated Loans (DL1)

Imputed Fees (US$m)

-0.8 ▼ 1,266.08.4 -134 -0.6 ▼# of Deals

-97966.8-125

-0.3842

▼-0.1

6.11,059.75.6

Fees

4

6

JP Morgan7.3▼

-0.2

▼+0.4 Wells Fargo & Co

Proceeds per Bookrunner (US$m)Market Market

Bookrunner2016 Rank

2015 RankShare Ch.

Global Debt, Equity & Equity-related (A1) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerManagerChange in Market Market2016

Rank Sh (%)

HSBC Holdings PLC

Barclays

Bank of America Merrill Lynch

200,260.6

366,813.92

32

Citi▲

1

2.9

5

▲791

+5.934

9+0.73.7

204,381.7+4.8

408.8▲

13,719

-1.7%

MarketSh (%)

76

1

7

▼5

+2,119▼

-27.6%▼

7,947.0 -2.8

▲

▲▲

4.8▼▼

+4.2 ▲4.2

4.1

1,042.5 5.95.8

733.7-141

▼

-169

0.1%

6572.6

+2.7

+3.0

-0.4

▲+4.1

4.2 +4.2711559

+1.0

5.2727.3

-263+0.2

+84

Market

▼

-47

783653.3

5.7

Share Ch.Sh (%)1,118.0-101

# of Deals per Bookrunner

Jan 1 - Jun 30

Change in Proceeds

Imputed Fees (US$m)

# of Deals Fees# of MarketManager

Sh (%) Deals▲

Sh (%)Market

Share Ch.+0.8 1,303

Market

6.9▲7.29.5▲6.3 +6.3

1,267.7 +7.29.5 ▼

317,811.9 ▼6.0 -0.36.9 -0.2 ▼

4.6

▲ -134

▲6.8▲

+0.2 8073.9 937

241,621.5

▼-57-51

838.5+0.5

1,308365,177.87.61,044

3.8 ▼ 534.3+0.2

5.9 3.0742.0▼

4.84.1

▲

▼▼-137 ▲

▲45.7 +45.78,066.1

+2.32.3+3.73.7

▲100.0+16

Global High Yield Corporate Debt- Quarterly

GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 11% - Overall global debt capital markets activity totaled US$3.5trillion during the first half of 2016, an 11% increase compared to the first six months of 2015 and the strongestopening period for global debt capital markets activity since 2007. Second quarter global debt activity increased 9%compared to the first quarter of this year.

Global Debt Capital Markets by Asset Class

EMERGING MARKETS CORPORATE DEBT DOWN 23% - Corporate debt from emerging markets issuers totaledUS$95.5 billion during the first half of 2016, down 23% decrease from a year ago. Corporate debt issuers fromMexico, India, Brazil, and Malaysia accounted for 52% of first half 2016 activity. Issuance from corporations in Russiatotaled US$6.2 billion, a decline of 15% compared to a year ago, while offerings from Brazil increased 31% toUS$12.2 billion.

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan held the top spot for global debt underwritingduring the first half of 2016 with proceeds of US$233.3 billion and a decrease of 1.0 market share point. Citimaintained second place with a market share decline of 0.4 points, while Bank of America Merrill Lynch moved intothird place. Morgan Stanley fell to eighth place from sixth a year ago, registering a loss of 1.3 market share points.

OVERALL DEBT UNDERWRITING FEES DECLINE 9% - According to Thomson Reuters/Freeman Consulting,estimated fees from DCM activity totaled US$11.2 billion during the first half of 2016, a decrease of 9% year-on-year.

Global Deals Intelligence

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$t)

Investment Grade Corporate MBS Federal Credit Agency Agency, Supranational, Sovereign

Federal Credit Agency Emerging Market Corporate High Yield Corporate

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$b)

Global High Yield Debt ($b) Number of Offerings

1

http://dmi.thomsonreuters.com/




122,696.4

237,638.2

Global Emerging Markets Corporate Debt (B15)

70.7US Federal Credit Agency Debt (B8)

-30.5%-3.4%

914,550.0

197,972.1

94,169.2602 +30.3%

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

All Global Debt (B1)

Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)

US Short-term Debt - including MBS, ABS (F16)

▼▲

-0.5Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

+0.2

▼


Global Agency, Sovereign & Supranational Debt (B9) ▲▲

US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

▼

▲

Global Long-term Debt ex MBS, ABS & Munis (B3)

▲-0

+0.3

907

+0.2

-0.1

2.1

0.6

150.02.3

-0.4

121.5

+0.2

▲

+45155.6

2.1

▼

+0.3 ▲

▼▲

▲

0.5

+0.3

+0.2

+0.1

▲ 0.5

44.8

54.057.2▲

-0.60.7

92.7

231.8

230.2

+187+190

-4

0.40.4

-108

+19

+176

0.9

▲▲

▲

97.8

▼1.3

1.1

457369375

1,470

253.2

3.82,534,315.6

3.3▲ +201

Global Asset-backed Securities (B11)

95,492.8 578

Global Disclosed Fees (A2)

1.4

-5.1%209,270.7

+56.8%1,704 583,421.3

15.8

8.7

Wells Fargo & Co

JP Morgan

Global High Yield Corporate Debt (B4)

JP Morgan

10.96.6

Global ABS (B11)Global Investment Grade (B7)

Deutsche Bank

Citi

All International Securitizations (J10c) Credit Suisse 13.2Credit Agricole CIB

All International Bonds (J1)

+5.8

+0.4All Bonds in Euro (N1)

Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds

HSBC Holdings PLC

U.S. Disclosed Fees (E2)

US Bonds

U.S. LT Debt inc MBS,ABS &Tax Munis(F2)

Global Bonds

11.1

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

U.S. High Yield Corporate Debt (F8)8.9 ▲15.5

U.S. Debt, Equity & Equity-related (E1)

-0.5

10.7

U.S. Investment Grade Corporate Debt (F9)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

Nomura

21.3

+1.5U.S. LT Federal Credit Agency Debt (H3)U.S. Federal Credit Agency (H1)

Barclays -13.6

9.7

▼

CitiJP MorganJP Morgan

+2.4

11.112.2

1

Current Qtr Market Share

(%)

▲

204,982.3

Leading Underwriters for Second Quarter 2016

7.3

JP Morgan+9.5-0.9

International Bonds

1,740,533.6

3,330,601.6

244,515.4154,277.92,959,623.4

2227,2097,953 2,981,224.5

9,399.987,184.6

158,265.7195,956.0

+37.5%

-1.8

6,447

3,754

123,695.5 725

3

1,570,820.04,647 ▲

6.4JP Morgan

4951,632

+6.4

Global Short-term Debt (B14)

Citi

-0.5

12.4JP Morgan ▲

Citi6.513.5

▲+0.5+4.2

-1.6

All Asian Currencies ex CDs (AS1)

-0.4

▲

▼-1.6 2

1

2

3

-22.8%

3

12

17.1

▼

225,554.8

▲▼

No. 1 Manager

+7.9

145,423.41,731

JP Morgan

1

JP Morgan

+5.1

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)

1H 2016 vs. 1H 2015

16.1%▲9.0%▲7.4% ▲

68.2 -6.09,682 +671

▼7,647.4▼

▲

11,233.2 100.0

-9.3% ▼

▲ 0.8

77.445.0

▲

316

▲▼-94114

317

+155▲

249

70.01.2-0.42.62.6+0.9

▼

251

▲

263

3.3

▲

▲175

2.6

1.8

2.7-0.354,621.651,480.7 ▼

44,356.447,652.5

1.3 +0.2

▲

1.8

+0.8+0.9

+0.2

1.4

▲

1.61.5

1.4 +0.9

3.4 ▼

▼-28

+143.2

▼

2.9▼▲

▲+0.1▼ 291.7 2.63.3 -1.4 ▼

6.0

282

226

3.9

2.33.5

331377

310

5.2

▼

-41373.8

3.3

368

-162

+6

+14▼▲

-1.3-112 ▼ 464.6-100 ▼ 537.0-11

▼3.5

4.8

▲+0.2-0.24.9

-0.35.1

-4.1 0

▼4.75.7▼

-0.9

▼

-183-53656 6.8

569.2452556

4.7

▼▼ 530.0

-0.36.6▲▼

46.5727.9

+57.56.0

548.7-898

▼ 6.26023 5.3 ▼395.4

823▼ -0.4

▼233,271.5 ▼1 1-53 -0.5

JP Morganin Proceeds

5

10

67,862.9

11

184,924.9

64,556.8

5

200,131.6

7

13

Share Ch.$USmMarket

Proceeds

9.2%

210,820.45.7

Citi6.6

4

22 20

ProceedsDealsDeals

2016 Rank Sh (%)

Proceeds Market

3


59,863.4

210.9Industrial & Comm Bank China ▲

1

▲1

+0.78.1 +3.3

Agricultural Bank of China

China Construction BankUniCredit

1

2

Global Debt Capital Markets % Change by Asset Class

1.8

1.7+0.1

3

+8.8

Mkt. Share Chg. from Last Qtr (%) Industry % Change from Same Period Last Year

21

7,399

▲

+11.7%+16.8%

+10.8%784

386

Nomura▲

-36.9%

▲

▲

24

Societe Generale▲

12

Industrial & Comm Bank China

17

1214

20 48,762.6

1462,848.3

49,627.6

63,733.7

RBS

▲11.0%

-3.2Industry TotalTop Twenty Five Total

100.02,450,302.53,516,832.4

TD Securities IncMizuho Financial Group

18

19

Bank of China Ltd

Bank of Communications Co Ltd30,238.1

23

33

17

15

26

1816

341915

16

42,135.81.247

+0.2+0.9 2560.91.248

25

UBS

593

1,520,352.9

RBC Capital Markets

▼

▲

13

11

▼

▲

Credit Agricole CIB

Morgan StanleyWells Fargo & Co

▲Deutsche Bank

+2.5%-3.2%

8

+34.1%HSBC Holdings PLC

+24.5%

▼

396-33.9%-10.9%

+3.1%

418

298

-1.0%▼

BNP Paribas SA

767179,267.489,804.1

▼163,510.6

706,966.1 545258 -33.8%

307

512

267

▼

▲▼

2

National Australia BankAustralian Dollar Bonds (AJ3) 21.6

1

1

1

▼

1

▲

2

▼

▲

▼

▼▼

+2.3

Consecutive Quarters No. 1

▲

1▲

▲▲

+34.1


208

108,547.0 963

Australian Domestic Securitization (AJ5) National Australia Bank

1,189,334.9

Jan 1 2016 - Jun 30 2016

US Mortgage-backed Securities (F11)

US Long-term Debt (F2)▲

Barclays

174,549.2Goldman Sachs & Co

700,023.5

1,675

310

120,428.0

217,570.2

1,472,001.3

391

45.3


Australia Bonds

149

US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)

9,690.6108,117.2

Global Scorecard

118,656.9

2,1939631,160,886.2

2,707

$USmNo.

Deals

Jan 1 2015 - Jun 30 2015

9

MarketManager

-1.8

Imputed Fees (US$m)

Global Debt

Global Debt (B1)

2.4

9

▼▼


Bookrunner

67

10

▼▼

No.

782.3

Jan 1 - Jun 30

-35

2015 Rank

Credit Suisse

% Change

▼

-1.07.7▼ 744

730

1.9

FeesChange in


150,959.0+0.2

3.33.7

-1.0▲

4.3

744.9

-

7.08.5

▼

1.8▼

4.7

0

-0.8

-1.3

315

4.2

+0.3

-1.6

336

6

84,355.2-0.22.9

-0.6

508580

# of

128,797.3

1.4

▼

MarketSh (%) Share Ch.

163,588.8

# of Deals

-0.2

# of Deals per BookrunnerMarket

Proceeds per Bookrunner (US$m)

22

42,694.8

146,069.9 -0.4

▼▲

-0.3

101,562.9115,385.8

▲

-0.1

▼Sh (%)

All US Debt (F1)

10.8%

56.8%

-36.9% -30.5%

-5.1%

-22.8%

30.3%

-60%

-40%

-20%

0%

20%

40%

60%

Investment GradeCorporate

Agency,Supranational,

Sovereign

High YieldCorporate

ABS MBS Emerging MarketCorporate

Federal CreditAgency

2






* tie

-19+7

▼

-0.2

RBC Capital Markets

24.6

+1.8

-2.44.728.4

6 8 9,158.4

8,001.1

7

10

283.8123,746.9

▲6.9

100.0 -57

2268.8

-15.2%

318

▼-30.3%

100.0

5▲▼

100.0

▲

33▼

39+0.8

▼

10.4

33

+2.1▲▲

+1.4▲

▼▼

-10

Wells Fargo & Co

-0.684

6,355.0

8.8

+10.7

-12

+1.2

26.47.3

5.3 +0.3

+5 11.320.8


12.3▼ 17.9

▲

▲+2.519.9 7.0 +2.0

▲69.7198.0

4.0

-1.0

▲▲

▲10.4 +3 ▲ 15.2

▲

▲

5.1

▼ 31

+1.7

▲▲

5.4 +1.1

7.1+0.4

33.8%

5.8

6.68,154.3

7,139.4

3.2

▲

+1.3

▼Industry % Change from Last Quarter

6,624.39▲

+0.6+6.4

2.285,209.4

▼

7

▲

8▲

Mizuho Financial Group

▲17

Jan 1 - Jun 30

Share Ch.

Proceeds per Bookrunner (US$m)2016 Rank

8.6

FeesMarket


Deals-8

9.5%

Manager

▼

▼

51# of DealsSh (%)

▲

▼

100.0

-24.2%

Market

-1.546

8

Top Ten Total67.3

63,986.2

7,463.3

-50.2%

▲▲

6.0

+0.3

5

9

11.3

+9▲+1.3

6.7

▼

+2.7

8.3

-

-11

▲▲ +422

375

0

3.8 Credit SuisseMitsubishi UFJ Financial Group

6

519.5-120349.468.7 +3.4 ▲

+1.2

100.0

9.9 -144.6 84

5.9+1.3

+0.436.6

37

▲

37.419.9▲ 22.4 -13 ▼

▼▼

-633.1

5.3

5.5

7.18.3

7.2

11.7Sh (%)

▼Proceeds

Deutsche Bank+2.1

10,696.233.3

12.315.5

3 9,571.82

Barclays 4▲

+0.5 -6

225,554.8

+1.4-0▲10.9

Citi▼▼+0.2 15.2

▼

▲ -0.246


8 47 8,830.4

31

58

33

5.5

2▲

▲

100.0434.6

+3.9


75.2

▲

Imputed Fees (US$m)

▲▲

▼

Share Ch.MarketChange in

-0.7%

+8.2

0.2%

4.6

-88 577.7369

26.5+59 2.483.7 +19.6

100.0

▲+2.6 ▲▲

6,602.411,328.2

338

188,772.3

-0.729.0+4.731.5 5.5

Lloyds Bank 10 2.9Goldman Sachs & Co 9

▼

5.06.2 -9+8

5.0 ▼-1.1 ▼ 2314 11,445.4 5.1 ▲▲ 15+3.9 4.1

31 8.4 -17 30.614.5

▲47.6

▲▼

+0.85.3 ▼2.5

-3.2

48.1

5.4

-0.88.3

▼▲

▼71.6 12.4▼

▼ +1.08.2

▲11.5

▲

-1.6+1.6

13,544.2

10.223,096.9▼

+3+3.4-11

▲12.9 +0.129,484.0

1

-326029,190.6Credit Suisse

Market

▼

3

11.9 -29 4416.3

# of DealsShare Ch.2016 Rank

Market # of

+4.2 ▲

+4.6

3 1

Proceeds

-30.5%

145,423.4

▼

6.5

+1.3-1.4

6.1

10,296.7

-0.5

2.7

▲

99,915.7

Bookrunner

▲

JP Morgan

# of


Manager

Nomura

Industry Total


Morgan Stanley 7

Top Ten Total

Mizuho Financial Group 8

2015 Rank

4 3

2 5 13.1

4

46

21,779.5

69.062 16.8▲-1444 66.2

8.112,162.9

▲11.913.4 ▼-611.9▲

12.5

Market Market

Industry Total 69.322,370.3

Industry % Change from Last Quarter 12.5%▼

4

Bookrunner18,636.2

2015 Rank

15,419.1

9,505.0

57

Global Asset-Backed Securities ex-CDOs (B13)

1Citi

110.6

+33

+1

-32.4%

12.8

7.16.5

Sh (%)

3.5

-1.4

Deals

3.0

-10

8.8

▼

6.811.4

-0.5

▲

▲

+6.8

Share Ch.

▼

+4.9

Sh (%)+2.5

44▲

Sh (%)-1.1

Market

+0.9

▲

Citi

Market

16,439.0

# of

14.516.0

30211

5

-19.3%-7.8% ▼

+3.2

- 46

-3.0

09.76.0

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Market Market

Fees


2

▼

56.5

+0.818.9

▲

3,986.2

73.9

▲

4.77.9

3.2

▲2.6

+5.1

▼5.6

-51

▲

+61.6

▼

▼-0.1

▼-5.5

▲+5.8

Imputed Fees (US$m)

30.0 ▲

Change in

-24

-

61.6

▲

+4.3

Market

+2.9

2016 Rank Fees

4.3

Jan 1 - Jun 30

Market

-3

▲

2.9

+4.43.8

Wells Fargo & Co

+3.8

▲JP Morgan

▲▲

+11.4

5.2%

Global Mortgage-Backed Securities (B10)

Manager# of Deals per Bookrunner

30,138.2Bank of America Merrill Lynch▲+13.9


Top Ten Total

Industry % Change from Last Quarter10.8%

100.0


1,740,533.6

▲

1145.8

Wells Fargo & Co 53,257.310

Industry Total795,648.8

3.1

4,647

Market Change in # of DealsSh (%)

Market

-6.8%

MarketSh (%) Share Ch.

Barclays+8▲BNP Paribas SA 9

8 5.1510

-7223574,063.8

-14+7

6.4

▼71,831.3193

4.3

▼-30

-68

Share Ch.

313394.7

▼

Sh (%)

3.7241.6

Deals329

-306.1


Proceeds per Bookrunner (US$m)2015 Rank Share Ch.

MarketMarketBookrunner


Change in # of Deals per Bookrunner Imputed Fees (US$m)

Global Debt

▼6.1

4.9

# of Deals

▲▼

▼

▼-32284▼

267.0

362.41

▼

▼7.1▼1

400.0▼ -0.4

-1.0

▼

-0.1

▲

4.4

2,976.7 45.7

▼4.1

3.9

6.1

▼5.0

4.0

Jan 1 - Jun 30


2.2

▼

-3-7

5.8

Fees9.6

▼▲

▲ 5.1

1


2015 Rank Proceeds

+1.5 +1

6

▼ 11 22.0

944.7

12

5

10.0

▲

+0.1

20.0

▼

Share Ch.

4.09.8

100.0▼

▼

7.6

10

2 1,703.2

38.0

9

Sh (%)

-

66.1

786.7

33

10

-1.84.4 +1.8

14.2

- 6.0

10

MarketProceeds per Bookrunner (US$m)

-7.2

Deutsche Bank

Mitsubishi UFJ Financial Group 10

▼

# of Deals

Credit Suisse

14,778.5

5

7

6

6,624.3

6.4 +0.927.7

9,458.36.3

▼

+0.1

-139

▲

▼▲

42 11.2

10.4 28

▲

▲

20.2-12

+0.6RBC Capital Markets9.78,779.9 +0.2▼

2015 Rank

▲ 19.7%

▲

Bookrunner

13.0%-5.1%

▼ 13.9

4.4

7.1

1-17

Sh (%)

2.0▼

7.7

Share Ch.

17.1

3,038.5

▼ 23.413.31

2,187.8 ▼

1513

▲

13.8

▲

2

-1-4

Sh (%)

-0.6

▼

Proceeds

13.6Sh (%) Share Ch.

Manager MarketMarketMarket2016 Rank

Citi 2 6.7▼-2.9

Jan 1 - Jun 30

5.6JP Morgan

-0.7

# ofSh (%)

34

98,097.06.3

-0.65.5

110,180.7 -1.62

Goldman Sachs & Co 7

83,693.195,057.9

4.83

Morgan Stanley 6 4


80,037.4 -0.44.6 5.3

7

HSBC Holdings PLC 8Deutsche Bank 5 6

▲ 323

▲

▼

3.2

-1.2

+0.2248

4.1

▼

+0.3▼

74,606.2

54,824.1

▼4.3

+0.1-1.0

-5.1

Market

CIMB Group Sdn Bhd

Market

▼

Global Debt and Syndicated Loans Islamic Finance (DL2)

-9.6%

1 -0.9

183.3

328.0-0.3

155

7.0

100.0

+0.22.8▲

3.3 +21 261.4

23.8%

# of

▲229

7.1%

296

253.5

Imputed Fees: Global Investment Grade Corporate Debt

+0.2

Fees

▲

6,519.5+893

4.2 284.8

26.012

▼-4.2Standard Chartered PLC

DealsBookrunner

2,120.2

19

HSBC Holdings PLC 4-5

24.0Malayan Banking Bhd 3 4

2-3.09.5

Emirates NBD PJSC 5 15 1,199.3 -2.81,046.0 +2.14.7

3.5

5.4Dubai Islamic Bank PJSC 6 ▼RHB 20.0▲AMMB Holdings Bhd

78 8

32.94.2 16.0

-10

16986.2

50

-76.06.3

-21.0%


▲▲

▲

42.4

14.9%

Global Asset-Backed Securities (B11)

Industry % Change from Last Quarter 35.0%

▼▲

-17.6%

▲

2.6%

36.9%

Industry Total

40.8%

Top Ten Total17

Industry Total


Bank of America Merrill LynchBarclays

5

Deutsche Bank

ProceedsJP Morgan

Top Ten Total

9

Wells Fargo & Co


▼

9.2%

▼


Imputed Fees (US$m)

+1.4

Jan 1 - Jun 30

5▲765.9

First Half

Citi 3.4-

6.1 6.0 5.1 4.0 4.9 5.5 5.9 6.3 6.2 6.5

4,055

2,964 2,563

3,068 3,443

3,262 3,580

4,036 3,755

4,647

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

$0

$1

$2

$3

$4

$5

$6

$7

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Num

ber o

f Offe

rings

Fees

(US

$b)

Global Investment Grade Fees (US$b) Number of Offerings

3







Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Jun 30 2016

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

Banking Composite: Global Debt

4.3% 3.8% 4.4% 3.2% 3.5% 1.4% 2.4%

5.5%

27.5% 25.6%

19.6%

16.2% 19.4%

21.6% 24.5%

35.6%

27.0%

0.9%

2.7%

1.0%

1.4%

2.4%

1.5% 0.7%

3.5%

0.2%

2.0% 5.3%

3.5%

0.7%

2.1% 2.0%

0.0%

0.0%

8.8% 9.6%

8.7%

10.8%

10.9% 11.7%

14.0%

4.2%

6.5%

10.6%

51.3% 53.0%

58.5%

60.7%

61.3% 57.1%

55.6%

52.7%

62.5%

73.2%

3.4% 1.6% 4.0%

6.0% 5.4% 2.9% 0.9%

9.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JP Morgan Citi Bank of America MerrillLynch

Barclays Goldman Sachs & Co Morgan Stanley HSBC Holdings PLC Deutsche Bank Wells Fargo & Co BNP Paribas SA

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS

4









Global Debt Rankings* - Last Ten Years

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

1

2

3

4

5

6

7

8

9

10

2007 2008 2009 2010 2013 2014 2015 2016

Ran

k

JP Morgan

Citi


Barclays

HSBC Holdings PLC

Deutsche Bank

Goldman Sachs & Co

Morgan Stanley

Wells Fargo & Co

BNP Paribas SA

5






Proceeds from US debt issuance in the first half of 2016 declined 3.2% compared to the same period in 2015, toUS$1.5 trillion, due to significant weakness in the High Yield and structured finance market segments. Year-to-dateUS Investment Grade issuance was down slightly, registering US$700 billion from 512 issues, bolstered by severaljumbo transactions, as 6 deals with a principal amount over US$10 billion raised a total of US$117 billion.

US High Yield Corporate Debt volume in the first half of 2016 decreased 33.8% from the proceeds raised in the firsthalf a year ago. The US$118.7 billion raised represented the third lowest semiannual volume since 2007. The US$5.2billion Numericable Group SA issue in April was the largest High-Yield financing in the period. According to estimatesfrom Thomson Reuters/Freeman Consulting, US High Yield fees totaled US$1.5 billion, a decrease of 33.3% from thesame period a year ago.

Issuance in the US Securitization market continued to decline from the 2007 peak of US$1.3 trillion. Proceeds fromsecurities backed by residential mortgage loans (RMBS) decreased significantly from the first half of 2015, declining39.1% to US$10 billion. According to estimates from Thomson Reuters/Freeman Consulting, RMBS fees totaledUS$47.1m, a decrease of 45% from the same period a year ago.

+0.112.4▲

-18+0.1 1.6▲+0.4

▼-▲▲

0.3

-0.10

+0.1

+0.1

0.40.70.60.4

-

12.321.618.8

11.2

▼▲▲▼

0.2

-5+4+2

0

1.42.02.3

71012

2,586.3 1

▼▲▲▲

0.4

-0.2+0.2+0.1

0.40.30.3

1,381.72,550.32,180.32,022.5

322928

24

Barclays 5 4 106,432.2 ▼19.4

30

Standard Chartered PLCPNC Financial Services GroupBank of New York Mellon CorpANZ Banking GroupBanca IMI (Intesa Sanpaolo)

34313233

89

Industry % Change from Same Period Last Year -3.2% ▼25.2%Industry % Change from Last Quarter 13.9% ▲

-19.0%

100.0-68

▲Industry % Change from Same Period Last Year 26.5% ▲

3,562 215.3

▼ 52.3% ▲▼31.8%

100.0

-1.9%

Industry Total 341,664.2

98.0% ▲

100.0

-42.2%

1,520.2 100.0

▲▲117.1 +6.7

11.7 5.454.356.1 +5.7 ▲

+0.8+167▲

-29Top Ten Total 191,260.5

▼3.8 -0.3 ▼ 256 7.2▲

Morgan Stanley 11 8 12,924.2256Bank of America Merrill Lynch 7.210 20

1.5 4.2 ▼3.9 +2.2

-19 ▼4.1 +1.98.8

HSBC Holdings PLC 9 7 15,095.8 4.4 -0.1 ▼13,184.7

10.6 4.9 +0.722.7

▲1.9 -1.1

10.6JP Morgan 8 6 17,035.4

54

▲▲3.9 +30 ▲5.0 -0.2 ▼ 140

5.7 +1.7 ▲5.0

+5.010.8

507 14.2 +99 ▲▲

First Horizon National Corp 7 9 19,511.8Deutsche Bank 6 4 19,879.6 +0.45.8 -0.2

-11 ▼3.0 -14 ▼108▼

+0.2 ▲ 117 3.3 8.8 ▼

+2.1 ▲-

4.1 -1.9TD Securities Inc 5 5 20,117.3 5.910.8Wells Fargo & Co 4 2 21,338.8 -108 ▼ 13.2 6.1 0

5.2 -1.2+93 ▲ 15.1

6.3 -2.8 ▼ 385197 5.5▲ 7.0

▲ 11.2 ▼Citi 3 10 24,084.3 7.1 +3.1Barclays 2 3 28,088.6 8.2 +2.1

Fees Sh (%) Share Ch.2.7 +2▲ 97

Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals

All Federal Credit Agency Debt (H1)

2016 Rank

2015 RankBookrunner Proceeds

Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

US High Yield Corporate Debt (F8) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

▲▼ ▼

▲24.5%

Jan 1 - Jun 30

69.5 -1.0 ▼100.0

4,335.8-514 6,251.52,1931,472,001.3 100.0

72.8 -1.8Industry Total

▼4.7

Top Ten Total 1,071,403.7196 8.9 -118 ▼ 294.0

+1.2HSBC Holdings PLC 9 10 68,624.4Credit Suisse 10 9 60,637.0

▲4.7 +1.5 ▲4.1 -1.9 ▼

154-1.2 ▼

▼7.0 +4 3.4

5.4▲ 212.0

-0.3▼ 334.2▼

Deutsche Bank 8 8 76,299.4 5.2 -0.9 ▼ -96395.9280 ▼

225 10.312.8 -84

▼Goldman Sachs & Co6.3 -1.2

307435.8 7.0

6.4

-1.7 ▼▼▲+0.7

Morgan Stanley 7 5 80,885.9 5.56.6 -0.3 282 12.9 -21 ▼ -0.1

▼ 399.66 6 96,975.1

▲7.2 -0.5

-98 ▼14.0 -62

446.6Wells Fargo & Co 4 7 108,738.2 7.4 +1.0 ▲ +0.6

▲▲9.9 +0.510.1 +0.3 ▲ 476 21.7

9.3Bank of America Merrill Lynch 3 2 148,728.3

7.1-56 ▼ 616.4

425

10.0 -1.5438 20.0 -28 ▼

▼ 622.8+0.3578.5

▼Citi 2 3 149,936.8 10.2 +1.0 ▲JP Morgan 1

Sh (%) Share Ch.1 174,146.4 21.9 -58▼ 48011.8 -0.3

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2016

Rank2015 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2016 Rank

2015 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

-33 ▼Citi 1 6 11,448.9 9.7 +2.2 ▲ 63 42.3 -31 8.5 +1.7▼ 129.5 ▲JP Morgan 2 1 11,429.8 9.6 -0.8 ▼ -1.3 ▼Goldman Sachs & Co 3 4 11,182.1

140.1 9.2▼ 143.3

83 55.748.3 -24 9.4 +1.79.4 +1.0 ▲ 72 ▲

Barclays 4 5 10,909.4 9.2 +1.6 ▲ +3.0 ▲150.3 9.9▼ 134.5

66 44.3 -24 ▼9.0 +0.3 ▲ 81Bank of America Merrill Lynch 5 3 10,708.8

+0.1 ▲54.4 -44 8.9 -0.1

-41 ▼▼

8.5Deutsche Bank 6 2 10,360.6 8.7 -0.1 ▼Credit Suisse 7 8 8,414.0

129.7▼ 114.1

58 38.934.9 -33 7.5 +0.37.1 +0.6 ▲ 52 ▲

Morgan Stanley 8 7 6,647.1 5.6 -1.6 ▼ -0.5 ▼87.9 5.8▼ 74.8

50 33.6 -34 ▼5.1 -0.2 ▼ 49Wells Fargo & Co 9 9 6,042.5

-1.8 ▼32.9 -29 4.9 -0.2

-41 ▼▼

21.5RBC Capital Markets 10 10 4,049.9 3.4 -1.8 ▼ 50.91,155.176.8 +1.2 ▲

32

149 -109

▼

Industry Total 118,656.9

3.491,193.1

700,023.5 100.0

Industry % Change from Last Quarter -4.6% ▼ ▲

Industry % Change from Last Quarter 146.7% ▲Industry % Change from Same Period Last Year -33.8% ▼

512

Top Ten Total

Industry % Change from Same Period Last Year -1.0% ▼

-33Industry Total

▼

91.9100.0

-0.3 ▼ 3,016.3

35.5

92.480.181.383.2

667,180.8 95.7

0.2

▲▲

▲

▼

▲▲▼▼

83.857.0

▲RBC Capital Markets 10 13 22,039.3 3.2 +0.8 ▲ ▲

4.0 +0.783 16.2

11.7 0+16 +0.593.2 2.8

84 16.45.2 +1.3 ▲ 131.160 -

+0.5 ▲146.1 4.538,917.8 5.6 -21 ▼+0.3 ▲

▼5.5 +0.4 ▲7.0

▼228.8179.05.9 -0.3 ▼ -20

-1.0 ▼ 0105 20.5152

+0.9214.5▼

-0.7

145 28.3 248.1

29.7 -

▲6.5 -0.4 ▼114 22.3 -5

+16 ▲ 7.6

Morgan Stanley 6 4 48,010.76.9 -0.76.9

8.6 ▼Wells Fargo & Co 4 7 49,729.1 7.1

-0.2+1.0 ▲

211▼ 283.9+0.1 ▲ 35.7 -7183

HSBC Holdings PLCDeutsche Bank

Mizuho Financial GroupBNP Paribas SA

▲Citi 3 3 69,417.6 9.9


Barclays

US Deals Intelligence

US Debt (F1) Jan 1 - Jun 30


Goldman Sachs & Co

8

75,547.5

5 5 48,044.9

41,174.5

2 2

6

2016 Rank

2015 RankBookrunner

MarketSh (%)


US DebtUS High Yield Corporate Debt Down 34% l US Residential Mortgage Backed Securites Down 39%

US Investment Grade Corporate Debt (F9) Jan 1 - Jun 30

-

Proceeds


▲

10.3 +0.5

Market # of Market Market MarketShare Ch. Deals Sh (%)

-6.1%

1.17,947.8

10,422.9

5,256.00.90.8

JP Morgan 1

9 10

12

36,108.6

11 12

7

19,261.217,654.416,286.615,632.5

12.4 -1.2 ▼1 86,593.9

8

10.8 0 -

▼

210 41.0


▼

Share Ch.-30 ▼ 321.2 9.8 -3.2 ▼

Sh (%)

-1

▲

▲Industry % Change from Last Quarter-33.3% ▼

150.4% ▲

Change in

▲

▲▼

0+0.5+0.7

Manager

41.2 -7 ▼ 337.5

Fees# of Deals

8.1%

76.0 +2.9

-17.5%

29.2%

4,696.3

25

4,582.44,430.13,160.618

35

6,615.1

Top Thirty Total

2122

2423ING

Credit Agricole CIB

ScotiabankSunTrust Banks

15914

131415

2019

17 8,324.7

19

2225212023

Sumitomo Mitsui Finl Grp Inc

Credit SuisseMitsubishi UFJ Financial GroupUBSUS Bancorp

TD Securities IncSociete Generale 1.2

Santander

111716

9,793.4

6,811.8

16

181.0

2.82.52.32.21.51.4

0.70.70.6

+0.3+0.7-2.4-0.2-1.0+0.3

-0.1▲

-0.4-0.6

▲▼▼

▲

+0.2+0.5

▲▼▼▼

-▲

+0.3

475123

▲ 69554858

▲4.54.9

253

25141924235

13.510.79.4

11.39.2

10.0

2.73.7

1.04.9

4.74.5

+4

+10+4+3-3-3

+1

+17+14-25-3

+2+4

▲▼▼

▼▲▲

38.733.133.242.730.123.5

1.1

0.6

0.90.7

1.01.3

1.21.0

2.61.7

2.82.42.52.5

+0.3

+0.10

+0.4

0+0.6-1.0

0+0.5+0.2

-

▲▲▲

▲▲

+0.3

21.0

-0.03,285.2

-4.8%

▲-▲+0.1

-4.0%

▼

-27

▲▲▼

24.7%

+0.4-0.3-0.80.621.0


▲▼

0.5RBS ▼0.6

*Excludes financial arms of sovereign states and floating rate issuance.

6






Jan 1 - Jun 30

▼Industry % Change from Last Quarter 14.8% ▲ 19.7% ▲ 11.8% ▲Industry % Change from Same Period Last Year -36.7%

-23 183.2156

-10.9% ▼ -12.8% ▼

75.4100.0

▲Industry Total 84,659.7 100.0

+12.8+1.0 ▲

Top Ten Total 67,555.5 79.8 +3.7 ▲8 5.1 +1 ▲ 5.0

138.22.73.3 +1.6 ▲

Societe Generale 10 14 2,640.3 3.1 +1.0 ▲▲ 9 5.8 +3 ▲ 6.0Mitsubishi UFJ Financial Group 9 17 2,675.4 3.2 +1.8

-11 ▼ 11.5 6.3 0 -▲

Credit Suisse 8 5 5,015.8 5.9 -2.1 ▼ 27 17.314.1 -6 ▼ 12.9 7.0 +1.0

+3.6 ▲RBC Capital Markets 7 6 6,243.7 7.4 -0.1 ▼ 22

35 22.4 +6 ▲ 14.9 8.17.7 +1.3 ▲

Deutsche Bank 6 8 6,759.7 8.0 +1.3 ▲▼ 25 16.0 -8 ▼ 14.2Bank of America Merrill Lynch 5 4 7,026.9 8.3 -0.3

+3 ▲ 14.0 7.7 +1.4 ▲▲

Wells Fargo & Co 4 7 7,139.4 8.4 +1.7 ▲ 33 21.225.6 -6 ▼ 17.2 9.4 +1.8

+1.4 ▲Citi 3 2 8,894.0 10.5 -0.6 ▼ 40

41 26.3 +11 ▲ 17.9 9.813.4 -0.3 ▼

Barclays 2 3 9,223.1 10.9 +2.2 ▲▼ 45 28.8 -4 ▼ 24.6

# of Deals Fees Sh (%) Share Ch.JP Morgan 1 1 11,937.2 14.1 -1.2Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

# of Market Change in Manager Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

2016 Rank

2015 Rank

Market Market

Jan 1 - Jun 30US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)

▼Industry % Change from Last Quarter 17.8% ▲ 19.6% ▲

US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)

18.7% ▲Industry % Change from Same Period Last Year -31.3% ▼ -27.3% ▼ -56.1%

-76 368.0202 100.0▲

Industry Total 101,867.2 100.0259.5 70.6 +3.7

+1.3 ▲Top Ten Total 79,403.6 78.0 +4.1 ▲

9 4.5 +2 ▲ 7.0 1.94.4 -1.2 ▼

Societe Generale 10 16 2,865.3 2.8 +1.3 ▲▼ 17 8.4 -6 ▼ 16.2Goldman Sachs & Co 9 10 3,241.7 3.2 -0.3

-15 ▼ 23.6 6.4 -1.5 ▼▲

Credit Suisse 8 5 6,222.3 6.1 -1.6 ▼ 30 14.911.9 -6 ▼ 20.3 5.5 +2.2

+0.7 ▲RBC Capital Markets 7 9 7,037.4 6.9 +1.3 ▲ 24

37 18.3 +1 ▲ 22.7 6.25.9 -1.1 ▼

Deutsche Bank 6 6 7,559.2 7.4 +0.8 ▲▼ 27 13.4 -13 ▼ 21.6Bank of America Merrill Lynch 5 4 7,752.0 7.6 -0.4

+9 ▲ 17.9 4.9 +1.3 ▲▲

Barclays 4 7 9,223.1 9.1 +2.6 ▲ 41 20.319.3 -1 ▼ 35.5 9.7 +1.7

+0.2 ▲Wells Fargo & Co 3 3 9,458.3 9.3 +1.3 ▲ 39

50 24.8 -11 ▼ 56.7 15.410.3 +0.1 ▲

Citi 2 2 12,739.6 12.5 -0.7 ▼▼ 49 24.3 -8 ▼ 38.0JP Morgan 1 1 13,304.7 13.1 -0.2

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016

Rank2015 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Jun 30


9Societe Generale 8▲10 15

172,640.3 +0.9

+1.6

US Structured Finance 1H 2016 vs 1H 2015 Jan 1 - Jun 30

▲

▼

100.080.8 +3.0

2,675.4

Industry TotalTop Ten Total 76,712.9

19.63711.6

4.2Mitsubishi UFJ Financial Group

▼

▲2.82.8

16.9% ▲Industry % Change from Same Period Last Year -19.3%

95,179.9

▲



235.7 100.0180.5 76.6 +9.0 ▲

189 -44

▲ 6.0 2.5+0.7▲ 5.0 2.1+1

▲+0.59 4.8 ▲

-6+1.1+3

12.9 5.5▲

RBC Capital Markets 8 7 6,243.7 6.6 +0.1 ▲ 22+2.8

▼

+1.0 ▲7.3 +1.5 ▲ +88.9 20.6 -9 ▼

▲ 15.7 6.7Deutsche Bank 7 8 6,910.2Wells Fargo & Co 8,450.8

▲▲▲

▼ 22.5 9.5 +1.6▼

7.818.3Bank of America Merrill Lynch 5 4 8,931.9

+0.8

+0.239

7.918.79.4

▲Citi 4 3 9,217.9 9.7 -0.6 ▼Barclays 10.0

15.3 +1.13 9,520.0

10.4 -2.3 ▼8.0 +0.7

26.5 ▲+2.1 ▲ 44 23.3 +12 ▲ 18.9

36.050

▼

381.9

-56.1%Industry % Change from Last Quarter 28.1% ▲

-33.9%▲ 26.1%23.7%

208 -90

▲▼

+3.8 ▲Industry Total 108,117.2 100.0 100.0

271.57.4 2.0

▲ 71.2▲

Top Ten Total 85,403.6 79.1 +3.6+1.4 ▲

-1.29 4.3 +2 ▲ +1.4

▼Societe Generale 10 16 2,865.3 2.7Goldman Sachs & Co ▼ 16.2 4.2

-1.4 ▼10 3,241.7 3.0 -0.2 ▼ 17 8.2 -6

23.6 6.25.9

30 14.4 -15 ▼-1.2 ▼▲7.0 +1.0 377,559.2

Credit Suisse 8 5 6,222.3 5.8

▼ +2.8 ▲17.8 +1 ▲ 22.7 ▲+0.5

8,462.4 7.85 ▼ 23.1

+2.1 ▲ 26 12.5 -6

US Asset-Backed Securities (F14) Jan 1 - Jun 30

# of Market Change in MarketSh (%)

Market

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

US Mortgage-Backed Securities (F11)

5052 25.0

20,353.3

Bookrunner Proceeds2016 Rank

29 20,927.0

27,514.8

Sh (%)Wells Fargo & Co 1 3

Share Ch.44

Goldman Sachs & Co

Credit Suisse 2

JP Morgan

3

5Nomura

Citi 4

Market # of Market Change in Manager Market

Manager

14.2 +3.2-14 ▼ 66.2# of Deals

15.5FeesSh (%)

2016 Rank

2015 Rank

▲Sh (%)

Jan 1 - Jun 30

# of Deals per Bookrunner Imputed Fees (US$m)

1 17,129.72

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

Barclays8.8 +1.5 ▲

Citi▼

4 9,458.3

JP Morgan 1

12.0▲

+5.6 ▲11.7

Share Ch.15.8 -0.1

▼

Market

58+0.7 ▲16.9 +6.9 ▲

▼ 40.4 9.5

2015 Rank

29,484.0

36 11.649 15.8

15.854.5 12.8

Imputed Fees (US$m)

▼6.1 -1.024.3 6.4

Share Ch.Market

▲-8 ▼-1.0 ▼68.5+4.1

16.0-29 ▼

▼+0.1 ▲41.3-0.3

# of Deals

-16 56.8 14.9

Fees Sh (%)Deals Sh (%) Share Ch.▼ 10.8-13

24.0 ▼

6 9,223.1 8.5

11.82 12,739.6

▲ ▲

18.7

Deals

▲39 18.8 -1 ▼ +1.636.6 9.6

+0.1 ▲-4

+728 13.5 -15

-30.2% ▼

19.7

▲

+2.0 ▲42 13.5 -9 ▼ 45.7 10.7

3622.8

-17

Top Ten TotalIndustry Total

94.3 +8.8

Morgan Stanley

10Deutsche Bank

4 10,429.0Barclays 9 6

12 11,400.6

3,175.98

-5-14-0.5 ▼

4319.0

Market

6 6

5

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

9.4 +3

9 2.9

7.48.7

2327

29

18

▲ +1.0

▼

2.711.6-9 ▼ 27.0

23.7-13

▲6.3

-2.3 ▼▼

-0.7 ▼5.6 -3.45.3▼

-24-5.0 ▼▼-5.1 5.8 -26

-5.0 ▼-2.0

10.5▼370.7

2.5

-8.6% ▼▼-21.7%

310

7.9 -0.8 ▼


US Securitizations

▲

6.0 -3.1

6.5 +3.8

+2.0

6.5

+0.9 ▲

+5.0

-0.9

-2.1

24,326.3 13.9

2016 Rank

2015 RankBookrunner

611,328.2

Imputed Fees (US$m)

19.5 5.1 +1.3 ▲41

▼8.2% ▲

-8.2%

100.0426.786.9

22.6

11.3Sh (%)# of Deals Share Ch.

Market

▼-86

MarketMarketSh (%)

-5Fees

▼ 26.5

ManagerChange in Share Ch. Deals

3 8,502.0

# of

1.83.2

▼▼

14.8%

164,481.9

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

7

-10.9% ▼

5,542.8

7


Bank of America Merrill Lynch15


Wells Fargo & Co 3

RBC Capital Markets 6 8Deutsche Bank 7 7

47 24.9 -0.5 ▼Credit Suisse 2 2 9,855.6JP Morgan 1

9

8

4

1 12,267.1 12.9

174,549.2 100.0

Sh (%)

▲

Proceeds-0.8 ▼

▼

▼14.8% ▲ 12.9% ▲

-18.9% -32.7%


*Excludes financial arms of sovereign states and floating rate issuance.

-33.9%

-10.9% -10.6%

-39.1% -11.3%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

ABS MBS CMBS RMBS Federal Credit AgenciesMBS

7






DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Jun 30DCM Bookrunner Industry Composition (F1) Jan 1 - Jun 30



Banking Composite: US DCM


3.6%

3.1%

0.9% 2.0% 2.6% 5.7% 5.3% 4.8% 0.5%

3.2%

18.8% 15.5% 19.6%

9.5% 14.2%

26.7%

27.1%

20.2%

12.5%

5.8%

26.0% 21.7% 17.9%

26.9%

27.6% 30.1%

18.0%

1.3%

47.3%

2.8%

8.4% 8.8% 10.5%

13.8%

16.4% 18.5%

9.1%

11.3%

4.7%

7.1%

13.6% 7.5% 6.1%

9.3%

10.3% 22.3% 3.6%

15.3%

20.1%

3.3%

6.7% 8.1% 5.0%

9.1%

6.6% 9.5%

7.5%

8.7%

3.8%

4.5%

3.9% 4.9%

2.1% 7.4%

3.4%

1.5%

1.7%

1.4%

4.1% 4.1%

5.5% 6.8%

13.9%

10.1%

6.0%

8.8%

5.2%

1.6% 1.3%

1.1%

2.5%

3.1%

2.7%

0.0%

0.8% 4.7% 2.5%

4.0% 6.4%

2.7%

10.6%

4.2%

11.4%

3.6%

1.0%

5.3% 5.2% 3.4%

6.2% 4.2%

7.1%

5.3% 9.2%

3.8% 2.6%

3.2% 1.6% 4.2%

1.3% 0.8% 2.1% 3.3%

0.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

2.3%

1.8%

0.5%

1.2% 1.3%

3.0%

2.8% 2.9% 0.3% 3.8%

12.0% 9.0% 10.0%

5.8% 7.1% 14.2%

14.4%

12.2%

7.0%

6.9%

16.7%

12.6% 9.1%

16.4% 13.8%

16.0%

9.6%

0.8%

26.6%

3.3%

5.4%

5.1% 5.4%

8.4% 8.2%

9.8%

4.8%

6.8%

2.6%

8.5%

8.7%

4.3% 3.1% 5.7%

5.1% 11.8%

1.9%

9.3%

11.3%

3.9%

4.3%

4.7% 2.6% 5.6%

3.3%

5.0% 4.0%

5.3%

2.1%

5.3%

2.5%

2.8%

4.5% 1.8% 0.8%

1.0% 1.7%

2.6%

2.4% 2.8%

4.2%

7.0% 5.4% 3.2%

5.4%

1.5%

6.2% 1.0%

0.5%

0.4%

0.8%

0.6%

1.3% 1.7%

1.7%

0.0%

1.0%

3.0%

1.4% 2.1%

3.9%

1.3% 5.6% 2.2%

6.9%

2.0%

3.4%

3.0% 1.7%

3.8%

2.1%

3.8% 2.8%

5.6%

2.1%

3.1%

2.0%

2.1%

0.8%

1.1% 2.8%

2.0%

0.0%

36.0%

46.4% 36.4%

38.9%

46.3% 57.4%

33.2%

59.9%

43.7%

54.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials

8






19.9

22.6

4.3

6.5

14,000

13,000

1/13/2016

5/17/2016

IFR Markets

Top Deals US Investment Grade Debt Transactions Jan 1 - Jun 30IFR Markets Intelligence

Total Book Size (US$m)

US HIGH-GRADE: The first half of 2016 saw more than US$700 billion in volume, propelled by US$177 billion in Mayalone – the biggest single month of investment-grade bond issuance ever. Outsized trades were frequent in the half:AB InBev sold a US$46 billion deal in January, while Dell priced a US$20 billion offering in May – respectively thesecond and fourth-largest trades on record. A late June surge, including a US$14 billion 5-tranche bond from Oracleon June 29th, showed that the U.S. market had weathered early Brexit uncertainty -- with lower financing costs seenin the days immediately after the vote. With the Federal Reserve expected to keep rates lower for longer, momentumwas anticipated to continue in the second half of the year.

US HIGH-YIELD: The primary junk bond market came back to life in the second quarter after a slow start to the year.Q2 2016 accounted for 68% of first-half volume, with retirees, pension funds and insurance companies the principalbuyers of junk debt so far this year. But at just US$119 billion, the market was still down 34% from H1 2015, whichtallied US$185.5 billion.

US ABS: Flight-to-safety assets saw a good, steady rally after a brutal start to the year. But with negligible issuancein January and February, bankers reported that there would be just too much lost ground to match last year’s primaryissuance volumes. US ABS issuance in the first half of 2016 (ex. Self-Funded and CDOs) was US$85.4 billion, down11% from the same period last year.

6/2/2016

2/25/2016 3.1x

www ifrmarkets com

44,600

36,70012,000

12,0002/22/2016 2.5x

Deal Size (US$m)Weighted Average New Issue Concession (bps)Book to Cover RatioIssuer

46,000 109,175Anheuser-Busch

6/29/2016

Issue Date

Dell

Oracle

Aetna

Exxon Mobil

Apple Inc

3.4x

88,200

32,000

30,450

20,000

11.7

27.1

2.3x

2.4x

4.4x

US Auto ABS Collateral Type (US$ Billion) Jan 1 - Jun 30

US Monthly Investment Grade Debt vs Fund Flows

US Monthly High Yield Debt vs Fund Flows

www.ifrmarkets.comWeekly US Investment Grade Debt vs New Issue Concession Level

$25 52%

$13 27%

$5 10%

$1 2%

$4 9%

-40

0

40

80

120

160

-6

-2

2

6

10

14

18

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2014 2015 2016Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

HY

Pro

ceed

s (U

S$b

)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

-180

-120

-60

0

60

120

180

-16

-12

-8

-4

0

4

8

12

16

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2014 2015 2016

Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

IG P

roce

eds

(US

$b)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

-10

0

10

20

30

40

50

60

0

10

20

30

40

50

60

70

80

1/2/

2015

1/30

/201

5

2/27

/201

5

3/27

/201

5

4/24

/201

5

5/22

/201

5

6/19

/201

5

7/17

/201

5

8/14

/201

5

9/11

/201

5

10/9

/201

5

11/6

/201

5

12/4

/201

5

1/1/

2016

1/29

/201

6

2/26

/201

6

3/25

/201

6

4/22

/201

6

5/20

/201

6

6/17

/201

6

Pro

ceed

s (U

S$m

)

Aver

age

New

Issu

e C

once

ssio

n Le

vel

Proceeds (US$m) Average New Issue Concession

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables www.ifrmarkets.com

Prime Auto Sub-Prime Auto Auto Leases Near-Prime Auto Floorplan-80-10

International bond volumes were up by 0.3% year on year. In the uncertainty surrounding the United Kingdom’s voteto leave the European Union, international issuance in Sterling was down on the first half of 2015 (-7.7%). There wasan evident drive towards Sterling SSA borrowing (+53.1%) , which counterbalanced a move away from investmentgrade corporate and financial issuance (-51.1%) . There was also a notable rise in year on year MBS Sterlingborrowing (+137.6%). United Kingdom borrowers moved away from the high yield market year on year (-61.1%),while the SSA sector saw a contrasting rise in activity (+56.4%) .

The Republic of Argentina notably came to market with a four tranche US$16.5 billion offering, which marked the firstinternational sovereign issuance from the nation since its debt default of 2001. This was also the largest emergingmarket bond on record.

According to figures from Freeman Consulting and Thomson Reuters the top fee earners globally were JP Morganwith US$650.9 million accrued from 614 deals, on particularly strong activity in the investment grade corporate sector.In the Euro denominated sector BNP Paribas had a leading earnings figure of €123 million from 196 deals.

All International Bonds by Issue Type

Deutsche Bank 7 4

All International Securitizations (J10c)

53

Citi 2 2

HSBC Holdings PLC 5

BNP Paribas SA


JP Morgan 1 1

Barclays 3Bank of America Merrill Lynch

6

160,268.9152,091.1

Top Ten Total

187,707.1

4

163,651.37.3

Market Market

+0.17.48.5

-0.3

Sh (%) Share Ch.

▼

6.3 +0.7

2.7 ▲

100.0

-1.458,954.8Credit Agricole CIB



Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner

Sh (%) # of DealsDeals


International DebtInternational Bond Volumes Up 0.3% l UK Drive Towards SSA Sector l JP Morgan Top Global Fee Earner

All International Bonds (J1) Jan 1 - Jun 30EMEA Deals Intelligence

# of MarketFees

511▲ 614 22.0

18.3 603.7-72 ▼▼

7.7 -0.28.3-26 650.9

Market MarketSh (%) Share Ch.

▼▼

-1.2

-44 ▼502.3

+0.4 ▲-34 ▼

590.6+0.6 ▲

▲16.8

6.4+0.1 ▲ 474 17.0+0.4 ▲ 468

+0.4

6.9 7.6

Goldman Sachs & Co 6 8 128,873.3139,108.4

12.55.8 -0.9 ▼ 432

348▲5.8 501.8

3.6

▲▲

-0.6▲+0.6

6.2

5136.4

▼-17415.5 481.1-22

18.4 -10 4.7▼▼

-1.7+0.1

▼

363.6

1.8

+0.9+0.8

▼

4.4 278.2345 12.4 -15+0.5 ▲-12310.3

▼ 139.3▼▼ 360.6

4,472.1

4.6+0.2

4.1

▼

▼ 288231

-0.3▲8.3 -8▼57.3

96,461.290,688.6

108128,581.5

Morgan Stanley 9

0.3%

7

2,206,016.51,306,386.2

Industry Total

10 13

▲

-0.259.2

▼ -19.1%

2,785 -332

▼

Jan 1 - Jun 30

▲

7,806.2 100.0

1.7%Industry % Change from Last Quarter 25.0% ▲-10.7%

▲ 1.7%

Top Ten Total

▲Industry % Change from Last Quarter -14.5% ▼ -4.6%

936

▼ 15.3%

Industry Total 704,965.8 100.0

Industry % Change from Same Period Last Year 10.4% ▲ -5.9% ▼ -11.8% ▼

054.3 +0.8966.9

100.01,781.2-59▲▼-11 ▼ -0.3

408,734.212.4

▲- 116

58.2 +2.6

10.8 -14.987.5

▲Citi 10 8 32,108.4 4.6

5.0 +1.1▲

▼ 94.8 5.3 +1.4▲ 1015.9

Goldman Sachs & Co 9 10 35,167.9

UniCredit 7JP Morgan 8 9 35,342.4 14.3 -17 ▼ +0.5

▲17.3 +14105.1

▲ 162▲

40,220.27 36,283.8

5.0 +0.85.2 +0.4

Industry Total

Industry % Change from Same Period Last Year -0.6% ▼

134,550.9

2016 Rank

-3.0%

▼5.7 -0.6 ▼ 159

230

▲Industry % Change from Last Quarter 42.7% ▲ 44.7%

▼23.6% ▲5.9%

▲

▲+4.3-7 100.0

355.2453.4

78.476.35.0

+5.7 ▲4.7 ▼

▲18 7.8 0 -

26.88

8.3 +5

Top Ten Total 102,468.76,678.6 +0.4 ▲

+1.4-0.8

Goldman Sachs & Co 9 10 6,701.7Morgan Stanley 10 21.3

▲1 6,759.9 ▼-17 ▼ 21.0-6.6 13.932▼

▼▲6.4 +4.2

4.6

-1.0▲ 31 13.5 +5

+2.15.9▲19

11 8,313.9 6.2 +2.8 17▲

9,797.935.6 7.8

+1.7 17.4 +12 ▲▲7.3 ▲

5

▲Wells Fargo & Co 6 6 9,771.1

40Barclays 5 7

10.4▼ 37.5▼

56.7

Citi 4 2 11,273.0

▲▲

+0.810.7

14,052.6 +3.2 ▲ 47.4 10.5

▲

41

Imputed Fees (€m)

457.0

19.6

▲▲17.8 +7

12.5

+1.1-5

+3.2-0.8

29.1-6.1

7.4 0 -

MarketManager Market

48.3

Jan 1 - Jun 30

17.4

▼

▲

Market

8.3-2.17.3

FeesShare Ch.10.9 +1.7

Sh (%)

31.5

▲52

MarketShare Ch.


+1.6Deals

22.6 +3 ▲+2

Market# of Market Change in ManagerImputed Fees (US$m)

2015 RankBookrunner

3

3Credit Suisse

14,618.0

Deutsche Bank 87

5.0

8.4

14,502.02 4

Proceeds

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

+1.1Lloyds Bank

Market

100.0

5.0

2015 Rank

1Sh (%)

2

# of

7.0 196▲Deals

▼

Change in

6.948,990.9Share Ch.Proceeds # of Deals

-10Sh (%)

20.9Share Ch.

+0.86.8 -0.4 16.6▼

▲Fees Sh (%)123.0

HSBC Holdings PLC 3 3 46,655.8Barclays 2 1 47,783.7

+1.06.6 -0.2 ▼ ▼-1020.4

5.9105.6 ▼-0.6▼-0.5

155 -20

+1163 17.4 +17191

Deutsche Bank 6 4

4 6Credit Agricole CIB 5 5 ▲ 155 16.6Societe Generale

6.1▲

+0.342,848.843,332.3 6.2

All Bonds in Euros (N1)

+0.2

17.0 116.6 6.6 ▼-1.43.968.9 -0.1

134▼

-19

▼ 97.7 5.5

-0.2 ▼5.1▲ 91.1 +1.2

▲ 76.6▲

4.3

Sh (%)


Sh (%)# of Deals2016 Rank

10.8 +2.140

First Half 2016 European Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market


€ -

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2010 2011 2012 2013 2014 2015 2016

Pro

ceed

s (€

b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield CorporateFederal Credit Agency Emerging Market Corporate ABS & MBS

€0

€20

€40

€60

€80

€100

Pro

ceed

s (€

b)

2015 2016

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables10

▲

Top Green Bond Issuance by Nation First Half 2016 All International Green Bonds (JG1) Jan 1 - Jun 30

Industry % Change from Last Quarter ‐14.2% ▼ 15.4% ▲ 53.3%▼

+3

Industry % Change from Same Period Last Year 72.9% ▲ 5.7% ▲ -12.7%

62.3 100.0+12.7 ▲

Industry Total 28,415.0 100.0 56▲ 33.2 53.2

5.3 +1.1 ▲Top Ten Total 16,398.7 57.7 +17.4

▼ 6 10.7 -2 ▼ 3.3BNP Paribas SA 10 9 1,017.4 3.6 -1.7-4 ▼ 2.0 3.2 +3.2 ▲

▼Huatai Securities Co Ltd 7* - 1,338.0 4.7 -1.3 ▼ 2 7.1

10.7 -2 ▼ 2.0 3.2 -3.3+3.2 ▲

Haitong Securities Co Ltd 7* 29 1,338.0 4.7 -0.3 ▼ 22 3.6 +2 ▲ 2.0 3.2

3.3 -0.7 ▼China International Capital Co 7* - 1,338.0 4.7 +4.7 ▲

▲ 12 3.6 +1 ▲ 2.1SEB 6 4 1,453.3 5.1 +4.1+2 ▲ 5.0 8.0 +3.2 ▲

▲Barclays 5 17 1,566.5 5.5 +4.7 ▲ 7 3.6

21.4 +3 ▲ 3.5 5.6 +1.6+4.0 ▲

JP Morgan 4 5 1,594.5 5.6 -1.9 ▼ 114 12.5 +3 ▲ 2.5 4.0

5.0 -1.6 ▼Guotai Junan Securities 3 - 1,645.0 5.8 +3.9 ▲

▼ 12 19.6 +1 ▲ 3.1Credit Agricole CIB 2 2 1,867.1 6.6 -0.6+4 ▲ 7.7 12.4 +2.0 ▲

Share Ch.Bank of America Merrill Lynch 1 1 3,240.9 11.4 +5.8 ▲ 17 7.1

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%)

Market # of Market Change in Manager MarketAccording to figures compiled by Thomson Reuters and The Climate Bonds Initiative, Green Bonds issuance wasbuoyant in the first half of 2016, with global proceeds up by 72.9% year on year. Chinese borrowers continued todominate the market with a year to date 27.4% share and US$7.9 billion proceeds raised.

Bank of America Merrill Lynch continued to lead underwriting activity in the Green Bonds market, having an 11.4%share from 17 deals in the period. European banks were notably active in the second quarter; Barclays underwroteraised US$1.3 billion via five deals, including the US$1.5 billion climate awareness bond from EIB. The six deals thatCredit Agricole led in the first half were a mix of banking and agency borrowers. BNP Paribas was also prominent,having worked on six issues, including the two tranche €1 billion offering from electricity operator Tennet.

From estimates provided by Freeman Consulting and Thomson Reuters, the top green bond fee earner globally wasBank of America Merrill Lynch with US$7.7 million resulting in a 12.4% fee pool share. The deals led by Bank ofAmerica Merrill Lynch represented nearly the full range of industry sectors currently active in the market.

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank

2015 Rank

Market


Green BondsGlobal Green Activity Buoyant l Busy Q2 For European Underwriters l BAML Continues Leading Market Share

Green Bonds Deals Intelligence All Global Green Bonds (GR01) Jan 1 - Jun 30

Global Green Bond Industry Composition (US$ Billion) First Half 2016 Global Green Bonds Volume Jan 1 - Jun 30

▼Industry % Change from Last Quarter 61.8% ▲ 0.0% ▲ 170.9% ▲Industry % Change from Same Period Last Year 35.8% ▲ -9.1% ▼ -26.7%

-4 49.640 100.0▲

Industry Total 20,316.5 100.031.3 63.3 +12.0

-1.4 ▼Top Ten Total 13,648.2 67.4 +11.4 ▲

6 7.5 +3 ▲ .8 1.73.7 +1.1 ▲

HSBC Holdings PLC 10 5 604.7 3.0 +2.6 ▼▲ 3 7.5 0 - 1.8Goldman Sachs & Co 9 24 702.7 3.5 +0.2

-2 ▼ 2.3 4.6 -2.3 ▼▼

Citi 8 10 866.7 4.3 -3.4 ▼ 6 15.07.5 +2 ▲ 2.2 4.4 -1.5

+2.3 ▲Deutsche Bank 7 6 958.7 4.7 +2.6 ▲ 4

6 15.0 -1 ▼ 3.3 6.73.3 +0.9 ▲

BNP Paribas SA 6 8 1,017.4 5.0 +0.7 ▲▼ 8 10.0 -4 ▼ 1.6SEB 5 7 1,229.0 6.1 -0.5

-2 ▼ 5.0 10.1 +5.0 ▲▲

Barclays 4 17 1,566.5 7.7 +0.7 ▲ 7 15.020.0 +2 ▲ 3.5 7.0 +2.8

0 -JP Morgan 3 4 1,594.5 7.9 +1.4 ▲ 11

12 17.5 +3 ▲ 3.1 6.315.5 +5.1 ▲

Credit Agricole CIB 2 2 1,867.1 9.2 +6.0 ▲▲ 17 27.5 +1 ▲ 7.7Bank of America Merrill Lynch 1 1 3,240.9 16.0 +1.1

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016

Rank2015 Rank



-20246810121416

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

2014 2015 2016

# of

Issu

es

Pro

ceed

s U

S$m

$5.953%

$3.932%

$1.512%

$0.21.0%

Financials

Government and Agencies

Energy and Power

High Technology

Industrials

Real Estate

Consumer Staples

Materials

$7,931

$4,615

$3,205

$3,025

$1,807

$1,314

$1,121

$1,003

$941

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000

China

United States of America

Luxembourg

Netherlands

Germany

Sweden

Spain

Japan

France

Proceeds US$m

Visit https://www.climatebonds.net/for further detail https://www.thomsonone.com11

Global High Yield Volumes displayed a continued decline in the first half of 2016 (-36.9%), the total of US$154.3billion representing the lowest first half proceeds raised since 2010. Issuance fell across the core currencies, in theUS dollar market (-34.5%), Euros (-37.5%) and Sterling (-79.9%).

Deals of note that priced in the second quarter included Numericable’s US$5.2 billion secured bond - the largestsingle tranche high yield deal on record. Ardagh Packaging priced a US$4.5 billion five tranche offering in Apriltowards its purchase of business assets from Ball and Rexam. Deal activity was dominated by United Statesborrowers, with first half proceeds of US$95.2 billion representing a significant fall from first half 2015 proceeds (-35.1%). Other nations that saw a decline in borrowing included The United Kingdom (-58.2%) and Germany (-61.3%).

According to estimates from Thomson Reuters and Freeman Consulting the top fee earner in the global high yieldmarket was Goldman Sachs with US$173.6 million accrued from 81 Deals. In the US Dollar sector Barclays had aleading share of US$150.3 million from 66 deals, for Non-Dollar issuance Deutsche Bank led the way with €28 millionfrom 19 deals.

Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Jun 30


High Yield DebtGlobal Volumes Continue Year On Year Decline l US Dollar Activity Down 34.5% l Goldman Sachs Leads Global Fee Pool

Global High Yield Debt (B4) Jan 1 - Jun 30Global High Yield Deals Intelligence

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank


Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.

▼▲ 78 35.1 8.7167.3162.5-58

99▼Deutsche Bank 1 2 14,506.1 9.4 +0.7 -0.4 ▼

▼JP Morgan 2 1 13,435.7 8.7 -1.0 ▼-5736.5 -4644.6 -0.98.9

9.3 +2.1 ▲Goldman Sachs & Co 3 3 13,434.5 8.7 +0.7 ▲ ▼ 173.68.5 +1.9 ▲ 71

81Citi 4 6 13,136.9

155.7 ▲32.0 147.6 7.9 +1.8

4 12,869.0▲

8.3 +1.1-38 ▼

43.2 -46 ▼8.1 +1.2 ▲

▲Barclays 6 5 12,500.2Bank of America Merrill Lynch 5

65

+0.777 34.7 -35 ▼96

170.6 9.18.3

+2.6 ▲▼Credit Suisse 7 8 9,940.9 6.4 0 - 29.3 -48 ▼ 128.5 6.9 -0.5

4.7 -1.8 ▼ 55Morgan Stanley 8 7 7,264.7 24.8 91.6 4.9 -0.9 ▼4.3 +0.2

-46 ▼23.9 ▲

-1.4 ▼▲ +0.1

34 15.3 -42 ▼ -1.49 6,614.1

RBC Capital Markets 10 10 4,147.39Wells Fargo & Co 53

52.12.74.2-30 ▼ 78.3

▼Top Ten Total 107,849.4 69.8 +1.6 ▲ 1,327.8 71.0

2.8+3.2

222 1,874.2 100.0▲

Industry Total 154,277.9 100.0 -164

▼ -42.5% ▼ -37.9% ▼▲ 155.2% ▲

Industry % Change from Same Period Last Year -36.9%Industry % Change from Last Quarter 140.3% ▲ 108.3%

Monthly High Yield Volume

4.4 -1.7

4.8 -1.45.1 -1.1

5.1 +1.0

-4.0-8

▼ 123.014 ▼ 8.3

11.4 4.1▲

Credit Suisse 10 6 1,209.2 19.0 -21 ▼22.2 +0.1

▲-5 ▼Societe Generale 9 11 1,296.5 4.7 +1.0 ▲

+1.8 ▲ 13 20.6▼

5.0 +2.1▼ 17

Bank of America Merrill Lynch 8 14 1,309.1 4.8 13.7BNP Paribas SA

5.5 -1.0▼ 15.07 5 1,318.8

▼ 1517.820.6 -14 ▼

23.8 -236.5

▼27.0 -15 ▼ 12.7 4.6 -1.3

13HSBC Holdings PLC 6 4 1,398.0

▲Barclays 5 7 1,400.2 5.1 -0.2 ▼ +0.8 ▲Citi 4 9 1,415.1 ▲ 9

▼ +0.45.2 +1.414.3 -12 ▼ 14.2

▲15 23.8 -25 ▼ 23.4 8.5JP Morgan 3 2 1,506.2 5.5 -2.2

-2.0 ▼9.8 +3.8 ▲

▼ 28.0 10.2Goldman Sachs & Co 2 3 1,773.1 ▼ 26.86.4 -0.5 17.5▼ 11

-24-22

+3.6 ▲ 19 30.21 1 3,400.8Share Ch. Deals

12.3

2015 Rank

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market2016

Rank

2016 Rank

Proceeds per Bookrunner (€m)

2015 Rank

JP Morgan 1 1

Bookrunner Proceeds

11,739.8Citi 2 6 11,532.3

Bank of America Merrill Lynch 4 3

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Jun 30


Bookrunner Proceeds Sh (%) Share Ch.Change in ManagerMarket Market # of Market

-1.3# of Deals Fees Sh (%) Share Ch.

141.0 9.0-37 ▼ ▼▼9.5 -0.8 52.585

45.19.4 +2.1 ▲ 131.5 8.464 39.5 -33 ▼ +1.7 ▲

▲Goldman Sachs & Co 3 4 11,432.1 9.3 +1.0 ▲ +1.69.3 +0.8 ▲ 84

-27 ▼ 143.3 9.27311,396.7

150.3 ▲51.9 140.3 9.0 +0.2

5 10,909.4▲

8.9 +1.5-46 ▼

40.7 -28 ▼8.6 0 -

▲Deutsche Bank 6 2 10,652.2Barclays 5

55

+2.960 37.0 -43 ▼66

130.7 8.49.6

+0.2 ▲▲Credit Suisse 7 8 8,585.7 7.0 +0.5 ▲ 34.0 -34 ▼ 115.8 7.4 +0.2

5.4 -1.7 ▼ 50Morgan Stanley 8 7 6,647.1▼

30.9 87.9 5.6 -0.7-0.29 6,292.5

▼5.1 -0.1

-38 ▼30.9 -30 ▼

3.3 -1.7 ▼▼

RBC Capital Markets 10 10 4,049.9Wells Fargo & Co 9

-41 ▼ -1.750

50.9 3.34.874.8

32 19.8 ▼75.8 +1.6 ▲ 1,166.5 74.7 +2.9 ▲

Industry Total 123,226.7 100.0 162 -120 1,564.0 100.0

-42.6% ▼ -34.3% ▼146.8% ▲84.2%

Industry % Change from Same Period Last Year -34.5%

Top Ten Total 93,237.7

▼

Change in

▲Industry % Change from Last Quarter 132.7% ▲

Sh (%) # of DealsDeutsche Bank

MarketSh (%)

▼

Fees Sh (%) Share Ch.Market Manager# of Market

Top Ten Total 16,027.0 58.2 +0.363 100.0

62.4▲ 171.3 +0.3 ▲Industry Total 27,549.5 100.0 274.7

Industry % Change from Same Period Last Year -45.9% ▼ -47.1% ▼ -52.4% ▼

-56

▲ 198.1% ▲Industry % Change from Last Quarter 168.5% ▲ 170.6%

0

100

200

300

400

500

600

700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2010 2011 2012 2013 2014 2015 2016

Bas

is P

oint

s

Spread to Benchmark2-Quarter Moving Average (Spread to Benchmark)

*Spreads based on fixed rate issues where spread information is available

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

JFMAMJ JASONDJFMAMJJASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJJASONDJFMAMJ JASONDJFMAMJ

2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$) # of Issues


4867.147.9Top Ten Total

100.036,419.9 71.1

% Change from Same Period Last Year

+6

▲

Industry Total26,239.4

1.9+0.6

100.0▲

+5.6 ▲ +3.0-1.3

▲▼▲

+4.8

▼ 3.4

1.4▲

10.4 0 -

27.1▼ 13▼

3.02.2

4.4 6.2

4.8▼

+0.1 ▲4.9 -0.6 ▼

▲▲ 3.5

▲4.8

6.9+0.5 ▲

9.73.4

+5.9

+1.5 ▲17

+7 11.0

+1+9

9.2+7 ▲▲4,137.3 11.4▲7.6 +2.2

# of

13.1JP Morgan 2 2UniCredit 3 8 2,774.1

+1.9

Sh (%)Fees Share Ch.Manager

Citi 1 1 4,756.0 45.8

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

▼▲


81.5%

54

+52.2

Imputed Fees (US$m)2016 Rank

2015 Rank

Market MarketChange in Market Market

-9.6%

Jan 1 - Jun 30

▼

233,769.6 100.0

69.3%-3.0%

11

▲

-1.1 ▲+5.072.2

▼3.5 ▲

-7.5+0.4

5.65.75.7

-2.2 82.5

16.7 -2VTB Capital

7

3.9-

1,412.9

102,060.6

20.8

▲

2,041.79 8.3 +4

+555.8

2,087.6

15.4

Deutsche Bank 8 3

# of Deals22

27.135.4

▲▲

-1.2

13▼ 10

▲▲12.9 +0.9

+3.4▲

▼12 25.0 +4

% Change from Same Period Last Year 12.3% ▲

20.8 +3

-3.3+0.2


671.6

20.3 -16.1

▲

Societe Generale▼

BNP Paribas SA

Barclays

HSBC Holdings PLC

+1.9▼▲

▼

-1.9▲

0

▼

2.8

2.4

‐315

Sh (%)

-1211.9▼

2.519.0

▼3.0

20.4

100.0351.5 52.2

3.0

▼

Top Ten Total 132,203.1Industry Total

-0.2328

▲+32.9 -0.9

3.2 +2.0

39

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

BNP Paribas SA 109.1UBS 9 15 6,914.3

6,762.0

Santander 8 18 7,427.2

56.5

303.0 +1.3 ▲8

▲3.4 -1.2

14

3.6 +0.5-23▼

▲47 14.3 ▼

4.3 +2▲Standard Chartered PLC 7 7 7,911.4Barclays 6 9 8,427.6 16.8

▼ 29.7Deutsche Bank 5 4 12,240.7-136 11.0

46.9 7.05.2 -1.7 ▼ 42 12.8 -42

554.4

▲▼

16.8 -6 ▼8.3 -1.0

+0.1-15 56.0

+0.2HSBC Holdings PLC 3 1 20,904.0Bank of America Merrill Lynch 4 5 16,446.6

2 2 21,733.7111▼8.9 -2.3

9.3 ▼22.9 026.8

- 68.4 10.2 +2.1 ▲8.6


Emerging MarketsAll International Emerging Market Debt Up 12% l EMEA Emerging Market Up 24% l Latin America Emerging Market Debt Up 36%

Jan 1 - Jun 30EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Jun 30


▲27.8% ▲

+1.9

76

% Change from Last Quarter

▼▼33.8

Asia-Pacific Emerging Market Bonds (L4)

▲ 75

Market

57.9

4 5 2,507.6

88 -9


2015 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

6.96 2,364.5

-2.0-0.7

4 2,097.16.5

-0.7

-0.9

# of

JP Morgan 1 3 23,435.6 10.0Sh (%)

▲

0

Latin America Emerging Market Bonds (L3)

-


Citi

7.0

Jan 1 - Jun 30

14.3% ▲ 24.7% ▲18.2% ▲ 14.2% ▲

24.1%6.1%

*ti

7 11.7 -1 +0.4▲1.6

5,607.5-1.6+0.2

-14-3

▼

18.1▼

Sh (%)

▼ -615 8.0

MarketMarketShare Ch.

Citi 6,526.9 ▼25.0 +2 ▲

15 25.09.79.75 5

6,545.4

10.6

Sh (%)

7.7 +1.7▼

5.15,177.64 4 -1.6 ▼5.5

16.9 -21 ▼ 15.5 4.6 ▼31 -1.7▼

5.9

-0.3 -0.522.7-1.9 ▼ -1.5

12.3

8.2

▼

▼+1 ▲ 8.119.8 22.531Bank of America Merrill Lynch 3 6

▼6.7▼

Standard Chartered PLC+1.9 ▲-1.519.82

16.9-3.8 ▼ 16 26.7

11 18.3+5.8 ▲-5

▲-1.3

37.7-0.87.27,257.5 23.543

HSBC Holdings PLC

Santander 3 9 7,004.0 10.4Bank of America Merrill Lynch 2 1 7,093.5 +2.8 ▲ Citi 2

▲+9 32.5 9.518.1▼

Share Ch.16.4 38.3

Deals Sh (%)+5.7 ▲ 23 -24 ▼

Fees Sh (%) Share Ch.-1.6▼

# of Deals8.528.8▼ 10,033.0 9.9 -1.7

DealsSh (%) Share Ch.▼ 69

MarketMarketChange in ManagerBookrunner Sh (%)

Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

ProceedsBookrunner # of Deals FeesMarket Market # of Market

JP Morgan 1 4 11,024.8

ManagerImputed Fees (US$m)

2016 Rank

2015 Rank

3HSBC Holdings PLC 4

▲8.0 3.1BBVA 6 8 5,196.9

2.9+2.5 ▲

3.7 +0.4 ▲13.0-4 ▼

▼18.36.7 +2 ▲48 15 3,223.5 4.8

117 6 5,022.3 ▼

-2.3 ▼Credit Suisse 9 7 2,855.0 4.3+3.7

7.5 -2.1▲UBS

Deutsche Bank

10 16.7 +3 ▲ 8.4 0.9

72.2Morgan Stanley 10 2 2,424.3Top Ten Total 56,916.6

16.7 -23.6 -8.3 ▼ 10

26.2%

154.3+5.0 ▲Industry Total 67,184.2

▲% Change from Same Period Last Year 35.8%

100.0 60 ‐256.30.9 +0.2

7 5Bank of China Ltd 6Deutsche Bank

8

▲▼ 10.8 ▲

+0.9

▲100.0

+3.1202.9

Imputed Fees (US$m)

-1.8 ▼

2016 Rank

2015 Rank

1 1Proceeds

MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner

JP Morgan 5 3

Market # of Market

5,065.2 5.0+0.74,668.5

15.8 -20▲ 264.6

+0.5 ▲3.3 -0.4 ▼

29-12

22.9 6.814.2

▼20 10.9 -36 ▼ 12.0 -3.9Barclays 8 12 3,967.6

3.63,970.0 ▼3.9 -2.02.9

11.1▼

▼ 9.93.9 +1.4 ▲ -6 +0.3 ▲3.7 +2.8

21 11.5▲ +1.3 ▲13 +3 ▲Bank of Communications Co Ltd 9 26 3,717.8 7.6 2.2

3.4 +1.1 ▲ 24 13.1 0 4.97.1

▲Top Ten Total 52,885.1 52.2UBS 10 15 3,420.4 +0.6- 16.7

101,537.3-2.5 ▼ -4.5 ▼

183 100.049.4166.8

% Change from Same Period Last Year -14.0% ▼

‐57

-23.8%

Industry Total

▲ 1.1% ▲ 31.9% ▲▼ -24.6% ▼

338.1

Middle East Emerging Market Bonds (L5) Jan 1 - Jun 30

% Change from Last Quarter 48.7% ▲ % Change from Last Quarter

Market

100.0

Imputed Fees (US$m)2016 Rank


Proceeds per Bookrunner (US$m)Market Market # of Market


8 3,383.2

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch. Deals Sh (%)

11.2 +6.3 ▲ 7Sh (%)

▼Citi 2 7 3,292.2 10.9 7.9

7.6 -3.5▲ 4.9+5.6 ▲

16.7 +5

Bank of America Merrill Lynch 3 26 2,792.4

1JP Morgan

5▲9 21.4 +4 ▲ 5.1 +2.4▲7.5 +6.9▲

-4.2HSBC Holdings PLC 4 1 2,230.64.8

-8.126.2 +1

▼11.9 +49.2 +8.5 ▲

7.4 ▼16 38.1 +2 ▲ 5.0 7.8▼2.3 3.5 -4.2▲

+1.85.16 1,680.1Mitsubishi UFJ Financial Group 7 - 1,593.8

2,026.7-0.2-1.0

4▼+5.3 ▲

▼ 119.5 +1 ▲

Standard Chartered PLC 5 45.666.7

Barclays

▲ +1.211.9 +5

Deutsche Bank 8 12 1,362.855.34 9.5 0 -4.5

5.2▲ 3.43.7+1.4

7 4.3▲ 2.8+3.8

16.7 +6 +2.93 ▲

Mizuho Financial Group 9 19* 1,115.7 +2.6 ▲3.7

30,240.5

3.7 +3.7-

100.0▲68.2

+37.1Top Ten Total 20,592.8Qatar National Bank 10 1,115.3 ▲

+24.1

% Change from Last Quarter 673.6% ▲% Change from Same Period Last Year 130.1% ▲

Industry Total

2.4▲

3.3▲

3.8

▲+5.2

2.4

▲

181.8% ▲ 849.2% ▲▲

64.0

▲

100.042

113.3%

+9

27.3%

56.4▲▲+12.336.4

▲57.9% ▲ 167.6% ▲ 57.2%20.0% ▲

Jan 1 - Jun 30All International Emerging Market Bond Volume by Industry (US$b)

$95.241%

$90.739%

$25.311%

$6.73%


Financials

Energy and Power

Industrials

Real Estate

Materials

Consumer Staples*tie


Global Brazilian Debt Volume by Sector First Half


Jan 1 - Jun 30

14,060.1 100.0

▲

31

Global Debt by Mexican Issuers (MX1)

296.6% ▲ 81.8%146.2% ▲966.7% ▲

% Change from Same Period Last Year 47.2% ▲ -22.5% ▼

Industry Total73.3 99.8

‐9 73.6 100.0Top Ten Total 13,951.8

▲99.0 +31.2 ▲ +39.5 ▲

108.46.5 +20.8 ▲ 2

-14.3▲ .9 +0.6Credit Suisse 10 - 106.5 +0.8 1.2

▲2 6.5 -14 ▼ 1.4 2.0▼ +1.2▼6.5 +2 ▲ .42 0.6 -8.7+1.2 ▲

9.7

0.8Banco Safra SA 8 - 167.8 1.2Itau Unibanco 9 1

▼Morgan Stanley 7 7 398.5 2.8 -3.4 ▼ +5.6 ▲3 9.7

12.9 +2 ▲ 6.54+1 ▲ 7.1

HSBC Holdings PLC 6 13 607.8 8.8 -3.14.3 +2.8 ▲

2 9.4 +8.6+13.5 ▲ ▲6 19.4 +3 ▲ 14.0 19.0 +3.6

▲6.5 +1 ▲ 6.9+6.6 ▲16.7

JP Morgan 4 5 2,410.9 17.2Banco do Brasil SA 5 9 2,344.3

+3.3 ▲ +4.9 ▲+6 ▲ 11.2 15.318.0 +5.1 ▲ 8 ▲

Banco Bradesco SA 3 2 2,432.4 17.3▼ 14.1 19.1 +17.7

15 48.4

+15.6 ▲ +9.1Santander 2 4 2,529.5

14.725.8 -1

Fees▲5 16.1 +1 ▲ 10.8

Sh (%)Manager Market

Share Ch.Bank of America Merrill Lynch 1 8 2,845.7 20.2

Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market


Emerging Markets - Latin AmericaDomestic Brazilian Issuance Up 47% | Domestic Mexican Issuance Down 52%

Change in 2016 Rank

2015 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Jun 30


Domestic Brazilian Debt in Reals (BR2) Jan 1 - Jun 30

0

20

40

60

80

100

120

140

$0

$10

$20

$30

$40

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US$(m)

Securitized Debt

Junk Rated Debt

Investment Grade Corporate

▼▲ 197.6% ▲ 162.5% ▲ ▲

▼ -72.0%113.3%

100.0

-30.0% % Change from Same Period Last Year -51.6%-74.7% ▼ -14.7%

‐5 100.0

▼% Change from Last Quarter

‐124.7▲4.7

93.8%

2,782.1

▼▼% Change from Same Period Last Year -54.7%▲ 111.1% ▲

29


Industry Total+7.592.5

100.0 28

-17.1

2,800.6100.04.7 Industry Total

2 -6.2 ▼-2123.6+10.3 ▲2,592.0

▼94.0+7.34.790.6 +2.9

Imputed Fees (US$m)

▲.1 2.5

91.1

.2

Market Market

-5.3▼ .1

-29.4%

+3.5 ▲


▲ Top Ten Total5

+3▼ Casa de Bolsa Inverlat 10▼

▼4.4 -3.93.5

1.57 4 13.82.1 -4.1

100.0

135.53 10.3

+5.8

+3.55.8 +2.7

Change in

Bank of America Merrill Lynch 102,518.3Top Ten Total

57.5

165.3%

▼Casa de Bolsa Inverlat 9 130.4 4.7 +4.7 ▲4.4 -3.4 14.3 -2

▲▲▲4.8 +4.8

▼

▲-4.3 ▼+1

Casa de Bolsa Finamex SAD de C 9 -2.5 -5.4▼4.9 ▲

5 123.6

▼

▼ 4 .1- 135.5

46.6

+1+5.7▲ .3+4.9 ▲5.7 1 3.4 .3-▲ 1 8+13.6.2 4.6149.7 5.3 -1.7

5.86 149.7 ▲-3.6▲ .2

▲+2+1 ▼4.5 7 24.1

.3 5.5163.3Grupo Financiero Banorte-Ixe 7 6▼ 75.4 25.0

Manager

▲+3.6▲ .3 5▲-8

+2 ▲20.76.2 ▼ .3

5.9 5 17.2

20.7

10 163.3 +2.9▼ 6 ▼

Casas de Bolsa Bital, S.A.21.4 -9

-2.1 ▼

17.96

-12 ▼

Inversora Bursatil SA de CV

GBM Grupo Bursatil Mexicano

6Inversora Bursatil SA de CV 6 105.4

-1.2

-1.14 173.4 .3 6.6

7

Citi 5 173.4 6.2 -3.24 ▼-14.0 ▼

▼ -1.3 ▼5.4222.9 8.0 9.5▼

-3.3 6.61.4

Citi▼ 64

3 .4 9.48.0 -12.8 9.3 -12.0 -14.1Casas de Bolsa Bital, S.A. 4 1 ▼ 5 -13222.2 17.9 ▼

Santander ▼ 7 24.110.2 -0.2 ▼ 7 10.1 -0.9-0.4

-1.1- .4-2.1 ▼-4 ▼

3 3.8 16.9

9.4▼ 14 48.3

0 -283.4

+6 ▲+21.2 ▲ 10 34.550.0 -5

3 283.4492.9 17.6

25.0 0 ▼ Santander

-3.0 ▼

▲ BBVA 2 21.4 29.7 +25.8 ▲

Grupo Financiero Banorte-IxeGBM Grupo Bursatil Mexicano 8

▼

4.6 -4.7

▼ 1417.7 -1.5

Sh (%) Share Ch.

2 492.9BBVA 2 16.8 +0.6▼ .8

# of Deals Fees1 9▲ 10 717.1 25.6

Sh (%)▲ Corporacion Actinver Sab de CV9 717.1Corporacion Actinver Sab de CV 1 ▲ 1.4 29.4 +25.935.7 +6

% Change from Last Quarter% Change from Same Period Last Year

Market2016 Rank

-17.3% ▼-62.7% ▼

Domestic Mexican Debt (MX3)

-4.3%

2016 Rank

2015 Rank Bookrunner Proceeds Sh (%) Share Ch.

2015 Rank

44

Deals Sh (%)

114.3%

Market# of Deals Fees

25.8 +21.6

# ofSh (%) Share Ch.

Jan 1 - Jun 30


Share Ch.Market

▲

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%)

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager

-45.9%

▼ 32.7Industry TotalTop Ten Total 14,786.8 70.5 -3.4

▼ 2

20,988.9 ‐2

3.9 -6.0

100.0

-3 ▼70.3 -2.1 ▼

▼ 2.2UBS 9 - 883.0 ▲

4.5HSBC Holdings PLC 10 5 817.0

▲ 2.311.4 +14.2 +4.2 3 6.8

▼ 53.3 +3.3 ▲+3 ▲ 1.55.0

▼ 9Morgan Stanley 8 2

-111,168.3

20.55.6 -5.1

Citi 7 3 1,246.0 5.9 -4.7▲

5.8 -6.6 ▼▲ 2.8 6.1 +2.5▼ 2.7

+2Credit Suisse 6 10 1,251.3 6.0 +1.2 ▲ 4Deutsche Bank 5 7 1,278.6 -

9.16.1 0

2.518.2 -1+1 ▲ 3.0 6.5 +1.9 ▲4 9.1

8 5.3 -2.7 ▼▼5

Santander 4 6Bank of America Merrill Lynch 3 4

▼4.5-5

1,532.011.4

7.3 -1.51,755.6 8.4 -1.6 ▼

+10.5 ▲9.7 -3.0 ▼

▲ 5.5 11.8 +8.7▼

▲▼ 5.7

+312.2 +1.5 ▲

11.4JP Morgan 2 172,434.6 11.6 -0.4

52,420.4 11.5▼ 17 38.6 -5BBVA 1 1

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2015 Rank

Market Market # of Market2016 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market

Proceeds per Bookrunner (US$m)Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank

2015 Rank


# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

Banco Bradesco SA 1 1 8,015.5 60.8 +18.2 ▲ 17 35.4 -10 ▼ 3.9 35.6 +18.0 ▲Banco Votorantim 2 6 1,724.8 13.1 +11.8 ▲ 7 14.6 +4 ▲ 1.5 0.3 -3.1 ▼Santander 3 3 845.0 6.4 -7.8 ▼ 7 14.6 -4 ▼ .3 10.5 +7.6 ▲Banco Safra SA 4 - 750.0 5.7 +5.7 ▲ 3 6.3 +3 ▲ .5 - - -Banco do Brasil SA 5 4 732.0 5.6 -0.8 ▼ 3 6.3 -3 ▼ .2 5.5 -19.1 ▼HSBC Holdings PLC 6 10* 524.8 4.0 +3.3 ▲ 4 8.3 +2 ▲ .2 3.4 0 -Itau Unibanco 7 2 359.0 2.7 -26.2 ▼ 4 8.3 -32 ▼ .1 34.5 +17.7 ▲Banco BTG Pactual SA 8 9 100.0 0.8 +0.1 ▲ 1 2.1 -7 ▼ .0 0.9 -7.2 ▼

Top Ten Total 13,051.1 99.0 +4.3 ▲ 6.7 100.0 +13.9100.0

▲Industry Total 13,182.1 100.0 ‐205 6.948

-50.0% ▼% Change from Same Period Last Year -53.3% ▼ -51.0% ▼ -58.9% ▼% Change from Last Quarter -45.7% ▼ -33.3% ▼


**Includes CDs and CPs

**Includes CDs and CPs

Dim Sum, Panda and Formosa Bonds (ex self-funded)

16.7%

Industry Total

-28.9%

239

First Half

38


Asian Corporate Bonds Imputed Fees (US$m)

▼▲-46.2%

100.013 -20

▼Industry % Change from Same Period Last Year -56.4% ▼ -60.6% ▼

+2.030.8

59.7+38.172.9

▲+26.115.43.12.3

▼▼ 1 1.5▲ 81.8

1.1-97.7 ▼

▲8.1

4.5

▲▼▲+2.1

-7.0

▲

+34.9

▼

5.9▲ 3

5.2 +2.25.76.6 +5.2

7.78.7 +5.7 2 15.4

+6.4333.3 -▲ -4 ▼▲

-3

0▲

-2

23.1

1

▲ 24

14.9

▲7.9▲+6.06.2▲

8.6+4.25.8

▲ 2-4

7.7

▼

▲ 1

6▲

▼ 6.2 8.6 +6.7-1-7 10.9▼ +7.9

+2.67.9

MarketSh (%) Share Ch.MarketManager

Fees

12.230.8 -1 ▼

MarketSh (%)

▲▲10.8

8.9+4.0

Bookrunner

7UBS

18JP Morgan

Change in # of DealsShare Ch. Deals

45

4*

Credit Suisse 12.4511.4

15.4▲ 46.2

9.0

+5.4

10.2ING

3 6

13 437.9

3.5258.3

100.04,031.3


80.5Top Ten Total

Haitong Securities Co LtdGuotai Junan Securities

+1.3

10

1922


+7.4

+3.3

6 4,248.9

t Includes Asian Development Bank issuance

2

UBS 10 16 3,156.0

▼

Industry Total

-4.8CitiHSBC Holdings PLC

6

2016 Rank

5,017.1

12286.5

9

Bank of China Ltd

All Asian Currencies (ex-Japan ex-Australia) (AS1**)

Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)

BookrunnerChina Construction Bank 45,566.9

Deutsche Bank

9.7▲

-0.5

Industrial & Comm Bank China

3.9

100.0

▲29.5%

2015 Rank

7

Citi

Deals

-3.2

5

Sh (%)Bookrunner10.61

Proceeds

3JP Morgan 44 5,059.6

4.3

6.0

4,363.3

22

6

6,113.57,019.1

5

6

1

9

3Bank of America Merrill Lynch

Market


Standard Chartered PLC 5.0

36 17,265.1

3

▼5.2

Proceeds

509.310.2

621.0

6.6

Sh (%)

Proceeds

-0.6

-27.9% ▼

Jan 1 - Jun 30


449.3

1

China Securities Co Ltd 910

175.0


▼▲+1.3

▲

2.7-1.4+100

6.5 -0.3

11,416.3

9.0

2015 Rank Sh (%)

315,473.6 46.1


2


▼+3.85.0

+4.7

+3.2

2.5

4*

78

4

449.3 +5.8

HSBC Holdings PLC


+1.8 ▲10,842.2

2015 Rank

7.5

# of Deals per Bookrunner# of

▼-1.6

Share Ch. Sh (%)

Change in

# of Deals

Market

22.726.2

Fees

-1.6

▼ 23.2

Sh (%)

Market

▼

Imputed Fees (US$m)

7,629.3 +2.130.5 ▼

7.4▼


Asia DebtAsian G3 Down 11% l Asian Local Currency - All Time High l Chinese Yuan Currency Issues - Highest on Record

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Jun 30

Asian G3 (US$, Euro, Yen) bond offerings in the first six months of 2016 fell 11.3% compared to the first half of 2015.Total Asian G3 issuance reached US$102.3 billion from 141 issues. China saw the most active issuance in the AsianG3 market with US$39.6 billion, accounting for 38.7% of the region's activity. US$-denominated issues amounted toUS$86.6 billion in the first half of 2016, capturing 84.6% of total volume.

Asian local currency bond offerings doubled in the first half of 2016, totalling US$685.7 billion from 3,755 issues,setting the highest first half volume on record. Accounting for 83.1% of the region's activity and more than triple thetotal volume from the first half of 2015, China-domiciled issues amounted to US$569.5 billion from 1,631 issues. Onthe currency side, Chinese Yuan deals reached US$573.5 billion, registering an all time high in terms of volume.

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market totaled US$312.7 million in the first half of 2016, a 24.7% decrease from total fees paid in thesame period of 2015. Estimated underwriting fees on Asian currency bonds (ex. Japan, Australia) reached US$1.6billion in the first half of 2016, up 141.5% from the comparable period in 2015.

MarketManager

1 62-17-3

Market

32

2016 Rank

Market

▼19.9 -17 ▼ 17.5 5.6

Share Ch.

6.9 -2.2

17.0 -6+1.17.7

3728

10.8

▲-16+0.7 ▲ 28 -2.4

▼ ▼ 23.9

4.224-1.5 ▼ 13.5 ▼-29 ▼ -0.33.4

▼-3.6▲ 19 4.1

19.9▼▼ 15.1 4.8

2.6▲ 12.3+113

▼15.6 -4 ▼ 12.78.2

Goldman Sachs & Co 9 8 3,414.3 +1.0BNP Paribas SA 8 12 3,942.2

3.3 +0.7-0.6 ▼ -0.8-9 ▼

3.922 9.2

▲ 15.33.1 +0.9 ▲22 9.2 -8 ▼▲

-5.5141

15.64.9

▲

312.7 100.0Top Ten Total 55,788.4

+0.4

Industry Total

▼

102,314.1

-11.3%

-31▼▼

-18.0%

54.8 -2.8

15.0%▼

54.1169.5

-24.7%

Jan 1 - Jun 30


▲4.3% ▲

Market Change in


77.9+84

2.4 ▲4.4

+1.5

5.0

▲+1.2▲+70+71

25.4

538.5 +6.01,581.5+1,258

2.3

100.034.0

4.9

3,755

▲ 79.71.6▲

▲

Share Ch.

▲▲+3.9

▲

82.52.5

3.8▲ 59.5

39.3

+20742.5 2.7▲

+172+157

Market MarketMarket Manager

6.7

Market # of# of DealsShare Ch.

298Deals

46.3289

Sh (%)

▼+2.2

+2.9 ▲

▲ 7.9

293 7.8+191

FeesSh (%)+185 -1.2 ▼

-2.248.8

2.9▲3.1

▲

45,479.245,294.8

+3.3 6.46.6

+0.8 ▲ 7.7

41,693.0

26,367.37

3.9

1

40,395.5 5.9

3.1

6.1

21,182.2

Agricultural Bank of ChinaBank of Communications Co Ltd 5 9

6345

10

Guotai Junan Securities

▲

+2.4 91

▲

▲

▲

▲+0.1

+0.1+1.9

164

103

+17.8

▲ 188

+1.1

8 8

+541.7

685,726.7▲

▼▲50.4% 141.5%

5.8%

▲

-11.6%

Market

Bank of China Ltd

Industrial Bank Co Ltd

▲

2

36.6▲

244

20,813.3

China International Capital Co ▲

▲4

3.0

Industry % Change from Last Quarter 30.6% ▲

Top Ten Total

+3.0CITIC

63

122.4%

1.7

100.0

▲

# of

$0

$500

$1,000

$1,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Chinese Yuan U.S. Dollar All Other Currencies

0

10

20

30

40

50

60

70

80

90

100

-

2

4

6

8

10

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4 A

ug-1

4 S

ep-1

4 O

ct-1

4 N

ov-1

4 D

ec-1

4 Ja

n-15

Fe

b-15

M

ar-1

5 A

pr-1

5 M

ay-1

5 Ju

n-15

Ju

l-15

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

# of

Issu

es

US

$ (m

)

Dim Sum Panda

Formosa # of Deals

15

http://dmi.thomsonreuters.com/�




http://banker.thomsonib.com/�

Top Ten Total

MarketAustralian international debt offerings in the first six months of 2016 totaled US$38.3 billion from 91 issues, down12% from the same period last year, posting the lowest first half volume since 2010. US Dollar offerings totaledUS$25.9 billion from 33 issues, accounting for 67.5% of the Australian international debt proceeds.

Australian Dollar bonds (excluding self-funded) proceeds in the first two quarters of 2016 amounted to AU$58.7 billionfrom 166 issues, a 15.6% decline from the comparable period in 2015. Investment Grade Issuers dominated theAustralian Dollar offerings, registering AU$26.9 billion from 54 issues and capturing 45.3% of the AU$ market.

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds in the first six months of 2016 fell 18.9% from the same period in 2015 totallingAU$173 million. Estimated fees from Australian international bond offerings in the first half of 2016 amounted toUS$106.1 million, a decline of 30.2% from first six months of 2015.

Market2016 Rank


▲

2015 Rank


-2.2%

20.4 89.8

Market

-3.623.8

▲

+0.2

▲

3.73.4

+2.73

6.2+1.3

▼▲


75.0+8.8

▼

▲▼7

7.78


▲

-0.7

▲

▼

-2.3Morgan StanleyDeutsche Bank 9Credit Suisse 10

69.3106.138,295.4 100.0

-0.71,431.1

+17▲

91Industry Total

▼

5.5▼3.7 5

▲-7 ▼

▲-2.8 7.7

11.0103.7

7.3 +3.470.8

▼1,719.8

26,546.9-3

6 +0.6

4.52,003.2

▼

+7.7

+0.83.5+48 17-5

▲

5.25.37 8.82,022.9 ▲

National Australia Bank 6 5 2,215.6 5.8 +0.4ANZ Banking Group

▲▼9.9

8

+9.2Goldman Sachs & Co 5 10 2,416.47.2▲

94.24.5

7.5 -5.6

▼

JP Morgan6.3 +2.5 +3

-21.66.89.9

13.2 +110.5

3 41225 27.5

4 1 2,869.9 ▼9.7

▲ 9 11.1

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

8.8 +1.8

Bookrunner

HSBC Holdings PLC ▲ ▲

Market

20.9

5.9 +2.1

▲

▲-1

+11 10.23,353.4 +4.6

13.8 ▼Share Ch.Share Ch. # of Deals

ManagerFees

Change in Sh (%)

MarketProceeds per Bookrunner (AU$m) Imputed Fees (AU$m)

13.8Proceeds

Australian International Issues Fall 12% | Australian Dollar Bonds at AU$59 billion

Bookrunner

▲+4.16,189.9

-1.7▲

8,086.0

7,472.7Commonwealth Bank of Australia 34

5

Sh (%)

12.77,953.8 13.6

+0.57.6

7

410.210.4

6 5,972.26.5

5

10 3,837.5

-0.1 ▼Deutsche Bank

6,090.910.6

Westpac Banking 12.421.56.7 +0.4

3 ▼-1016.9 ▲▼13.2

11.2-0.612.7

-1.5 ▼

▲▲ 16.9

10-16 ▼

▼

▼ 2.5

▼

-0.612.7-0.7

-16+6-11 +0.9

▼75.9▼

-3.1-8

131.4-2.61.4

-15.6%

12.0▼89.1 +1.1

▼-1.6

15.6% ▲▼▼ -8.3%

166

Market Market

100.058,656.5

8.6 +6.1▲

DealsChange in # of

Proceeds Share Ch.Sh (%)2015 Rank

48.8% ▲

All Australian International Bonds (AJ7) Jan 1 - Jun 30

BookrunnerNational Australia Bank

Manager Market Market

1Sh (%)Fees

+4.11 2 5,021.0 13.1 +4.1Sh (%) Share Ch.

2016 Rank

2015 Rank

9.1 +5.8 ▲ 7▲

9.111.6

Nomura 109

19# of Deals

7.7 +2

Top Ten Total

UBS

Bank of America Merrill Lynch 2 12 3,493.610.9

ANZ Banking Group

Deutsche BankCommonwealth Bank of Australia

+3

RBC Capital Markets

▲

Industry Total

Imputed Fees (US$m)

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

# of Market

8

UBS

National Australia Bank

6

CitiTD Securities Inc 8

173.052,205.5 ▲

20

-15

3.2

-0.4

-1.53.24.9

+2.4

Market# of

ManagerSh (%)

-18.9%60.9%

▼▲

100.0

Fees+6.3

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2016 Rank

Imputed Fees (AU$m)

Share Ch. Sh (%)▲ 10

Market Market MarketMarket Change in

6.8 32.8# of Deals

58.8+0.9 ▲

# ofProceeds

Market

3,121.9DealsSh (%)

+5.931.71

35.3+0.9

Share Ch.▲-1

+2.3 ▲▲

Commonwealth Bank of AustraliaWestpac Banking 3 2 1,864.2 18.9

3 1,972.8 20.12 +1 ▲ 3.8 18.276

41.2-1.2 ▼-2 ▼ 3.4 16.5

-7.2 ▼ 17.64 4 740.3 7.5 34 23.5

ANZ Banking GroupMacquarie Group 5 5 632.8 6.4 -2.6 ▼

-5.2 ▼-5 ▼ 1.8 8.7-2.7 ▼0 - 1.8 8.7

▲ 11.86 8 404.1 4.1 2Lloyds Bank 7 - 311.0 3.2

+1.7 +1.9 ▲0 - 1.0 4.9▲+1 ▲ .5 2.51 5.9

265.5 2.7 1+2.5▲+2.6

+3.2

2.2 +2.2+2.7 ▲ 5.9

▲-2.5 ▼ 5.9

▲+1 ▲ .5 2.6+2.1 ▲2.11 5.9 +1 ▲ .4

Top Ten Total 9,747.6 99.0 +6.69,840.9 100.0 17 -3 20.7

Market

22.6%Industry % Change from Last Quarter-35.0% ▼ -15.0%46.1% ▲

-0.8

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2016 Rank

2015 Rank

Jan 1 - Jun 30

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)29.344 15.3 ▲+4.523.7▲+8

Share Ch.▼▲ 21

1 12 6 12.5

7,213.5 14.68.5

▲7.3▼ 11.3▼▲ -0.813.2

+0.7+4.3

▲ 18.0+114.0

+3.0

18.014.7

11.4-6 17.7

11.9 27 -12▲ ▲-10 ▼ 16.2 10.5 +0.3

8.7

11.3 22

-1.65 2 5,171.9 10.4 27

+0.5

24 16.0National Australia Bank -1.0 ▼Westpac Banking 6 4 ▼4,319.8

7 10Citi ▲41

3,641.2 7.4 9+2.8▼

2.34.2 2.7

8 1,883.2 3.810

2,857.1-2.2

3.8

5.8 -0.9

+1.9 ▲44,610.6-2.2

▼▼

21


11.3% ▲ 62.2%-17.4%

42.9% ▲▼

-1

100.0

▲-3.4 ▼▼ .4 2.1

+3.81

▲

49,531.9

Industry % Change from Last Quarter ▲48.3%-6.8% ▼

154.7

Market

150

▼

▼

-10

▼

20

+130

-1614.013.3

27.3

-13 18.6

3.6

▼

2.5

▲6.0

+6

▲

▼

3.712.0

▼

100.0

100.0

Jan 1 - Jun 30

+1.1

▲

▼

1.6

5.7▼

2.1

▼

▼

-0.7 ▼▼-2.9

+0.2-4.8

▼▲▲

Jan 1 - Jun 30

-3.275.3

-0.8

-8 ▼


▲

Australia Debt

+3.625.5 ▲21.7

+3 14.8▼

Deals

47▼36 -8

21

28.3

6.041

28

19.5+1

11.5

▲17.5

28

29

▼▼2.4

▼ 3.6

6.14.2

3.5▲

1

Industry Total

9* -

7

8 -

Citi

9

▼

90.21,862.2


9

9* 7 217.5 2.2217.5

2

All Australian Debt (ex self-funded) (AJ3a)

Sh (%)

4


100.0

TD Securities Inc

HSBC Holdings PLC

Industry Total

JP Morgan

35,878.96,189.9

1,883.2

Australia Deals Intelligence

1ANZ Banking Group

1,862.29

2,857.1

+1.5-16

▲

▲2

3

24.721

8

7

▼ ▲

Top Ten Total

23.0%

ING

-9.4%

▼-30.2%-12.0%

-6.4%-21.9%

All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Half

Citi ▲

Nomura

55,592.9

RBC Capital Markets

116.7

$0

$10

$20

$30

$40

$50

$60

$70

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS

16





http://banker.thomsonib.com/�

Japanese Yen denominated bond activity reached JPY9.7 trillion from 498 deals during the first half of 2016, a 8.3%increase compared to the same period last year. According to Thomson Reuters/Freeman Consulting, estimatedfees for Yen denominated activity totaled JPY34.3 billion during the first six months of 2016.

Japanese Corporate Bond offerings to date totaled JPY3.9 trillion from 202 deals, a 6% increase compared to the firsthalf of 2015. Corporate Bond activity in the Financial sector totaled JPY1.2 trillion during the first six months of 2016,the top sector by proceeds, followed by deals from the Industrial sector, with 1 trillion in proceeds. Energy and Powerwas the third largest sector in terms of proceeds with JPY603 billion from 42 deals, the highest number of deals in thelast 10 years in the sector.

Samurai bond proceeds for the first half of 2016 totaled JPY588.2 billion from 21 transactions, a 36.9% decline inproceeds compared to the same period a year ago. On the other hand, Samurai Bond activity during the secondquarter of 2016 recorded a total of 19 deals worth JPY498.7 billion, compared to just two deals during the first quarterof the year. Europeans were the top issuers in the market, with 15 issues, worth JPY363.7 billion, followed by theMexican government with four deals worth JPY135 billion. 23.3%

1.4 032,036.1

309.8-93.7 +3.1

-6.5%

34,275.9

7.3%

498

▼▲

2016 Rank

2015 Rank

9,115,317.0Top Ten Total

Proceeds¥mil

Mitsubishi UFJ Morgan Stanley1,360,790.3

▲18.4%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▲▲

8.3%4.2%

Samurai Bonds (AP1)

0

Industry Total +34

Barclays 10▲

7

100.0+3.7

Tokai Tokyo Financial HoldingsMitsubishi UFJ Financial Group 8

11 107,700.0

9,731,755.0

9 -32 6.4 -2 ▼ 434.2▼

-0.3 ▼10 114,361.2-0

1.21.1

171.37 122,098.5 1.3

▼126,211.3 -1.58-2.1

4,975.7▲

469.9

143.4 +32.613

410.8▲

+24

Share Ch.297▲

7,265.1▲+52

41.6207▲ ▲+4.621.2▲ 9,386.3

Share Ch.Sh (%)2,668,550.6

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

# of Deals per Bookrunner# of

Mizuho Financial Group 1 1

Change in Market Market

59.6Sh (%)Market

Goldman Sachs & Co

Daiwa Securities Group Inc 5

7Bank of America Merrill Lynch

Nomura

6

4+0.2

2 2,056,871.2Sumitomo Mitsui Finl Grp Inc 3

2 +3.321.15 14.0


Japan DebtJapanese Yen Denominated Bond Activity Up 8% l Japanese Corporate Bonds Offering Up 6% l Samurai Bonds Down 37%

All Bonds in Yen (AP5) Jan 1 - June 30Japan Deals Intelligence

238,179.2 2.5

-2.81,217,112.0 12.5-2.71,103,442.74

9

▼ +24▲▲

11.337.6

▼+0.3

181 36.3

▲180187

12.12.8 -6

4,152.9

▲ 14.5 +0.5

1.8 ▲

+9.3

▼36.1 +16

+13

-2.8

27.4

4,010.8

620.6

27.4

▼

-6.6

▲+8.2

▲

-0.8

11.7 ▼

+0.2

1.3▲+0.2▲

▼

▼

▲

1.4

0.993.5

1.2-0.4

Jan 1 - June 30

-1 ▼

3

Proceeds per Bookrunner (¥m)

Lead Manager

Jan 1 - June 30Samurai Bonds Issuer Domicile Analysis

*tie

Japanese Corporate Debt Volume by Industry (¥ Billion) First Half 2016

▼

-8

27.3%

93.8100.0

+2 ▲

9,110.68,543.0

175.3 1.9

3.8346.3-

Japanese Securitizations (AP2)

-▲

▼

Market

5,029.5

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

2.1

636.6%▼

21 1,890.81,890.7▲ 100.1

0

Sh (%)Fees ¥mil

▼4.3 10.1

10.4

# of Deals

3.42

Market

▼850.0% ▲

-28.6%

-9 ▼

73.0+2-4

-140.0

+3Sh (%)

90.5

-0

Fees ¥milChange in

▼52.4

Market

11

21,683.3 ▼▲▼

5

+0.3▼

23.8

1023.8547.6

Deals

Manager Market

# of

22.0

61.9

# of Market

Sh (%)

81.0 ▼-5

100.0

Jan 1 - June 30

-9

2016 Rank

2015 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

# of Deals per Bookrunner Imputed Fees (¥mil)

Market

▼

+8.3

▲+0.5

▲-0.8+3.2+1.2

▲+2.3+27.2

Share Ch.

▲

▲

▲

2.1

73.9 -4 ▼ 55.2▲ 915.9+1

3.9

-0.24.60 -2.6-2

▼

-2.0-3.4

▼469.8 5.2 -2.3

▼4.4

421.2

+0.1

0

3.5 ▲-1.7

0 -

+3

311.4

▲

404.1

+1.1▲

2.62.6

▼

▲+1.6

▲▼-18.0%

+24.7

▲+0.3▲

237.4232.10

2.63Shinsei Bank 10 +1.8▲

115

4▲

+18.6

+0.1

6

3.5-

03

3 2.6▼ 12

23.917.5

451.0

5.5

15.8331.5298.2

9.4104.1177.1

¥mil

5.2

85

-2.5

1,400,222.41

2015 Rank

▲▲ 5▼6.5

89

7Barclays

6

Top Ten Total

11



-30.0%

50.511.1

14.3

3


2Sumitomo Mitsui Finl Grp Inc

▲

▲

▲19.643

+1.2

▼30,000.0

+1.1

4-4.13

2 -1.81

Sh (%)+11.4

108,803.318.218.5

Share Ch.▲

115,136.7141,636.7

¥mil

+1.2

▲

Sh (%)

100.0

3.13.9

Market

+21.6

5.3-4.5

Mitsubishi UFJ Morgan Stanley

▲

Market

24.1Deals # of Deals

Proceeds per Bookrunner (¥mil)

+9.0

▼

Sh (%)

1713

115,445.5

145,500.0

+3.2181,439.0

Share Ch.

▼

19

3

1

-2.6

4

51,683.3

3.7 ▲+3.5

-0.3

8.8

-2.0

746

12,120.0

Proceeds

11

-36.9%

1

8

▼122,500.0

306,800.0

678

Mizuho Financial Group5.19

Credit Agricole CIB

94.1 ▲

-6.5% ▼

415.8Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc 2

100.0

-33.3%

4.4

173.0

5


2,606,812.92.1

108,500.04.2

-13.5% ▼▲

Industry Total

34.4%

2,773,342.8

Top Eight Total

Mitsubishi UFJ Financial Group

Mitsubishi UFJ Morgan Stanley

Daiwa Securities Group Inc

8

588,200.0588,200.0 100.0


Natixis


Industry Total

Lead Manager

Share Ch.+8.9 ▲

-5.3

▲-4.3

▼▼

+4.9

Nomura 107,136.7

-9

5

2016 Rank

57,600.0

Nomura 4

84,500.09

3

84,306.0Goldman Sachs & Co

5 5Societe Generale

30

46

15

24

44

33 35

51

30

21

0

10

20

30

40

50

60

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

¥ B

illion

Americas Asia-Pacific (ex Central Asia) Europe # of Issues

¥1,22431%

¥1,01926%

¥60316%

¥44111%

¥1273%

¥1203%

¥802%

¥702%

¥702%

¥501%

¥301%

Financials

Industrials

Energy and Power

Real Estate


Consumer Staples

Consumer Products and Services

Materials

Retail

High Technology

Telecommunications

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

¥652%

Healthcare

17


1.5


Japan Debt

1.33.62.5

+4128,179.27 -0.7

▲

▼-

1.4

10-0.2 17

+3.5

3.3%26.3% ▲

95.5

5.3% ▲ -7.0%

▲ ▲+3.5

0320.9

473

▼

94.6+24

31,207.4100.032,984.2

410.8

309.8

404.1434.2

-

▼12

7

▼1.2

▲1.3

+0.2

▲▲ -

-0.10126,211.39

▼1.2 ▼

Goldman Sachs & Co

-0.4-0.2115,445.5

1.45 ▼

06.8 -2

0 -

162.3 8Tokai Tokyo Financial Holdings

-1

2.01.5

+4+3

2.5▼0.4 -0.7▲

Barclays

+0.3

▲33.950.4

0.3

97.815,705.516,067.4

+0.2100.0Industry Total

▼-23.3%11.6% ▲

202 +21

-19.1%▼

9,198,634.4

0.2-2.2

▲

107,700.0

17.7%

Top Ten Total

43.4%Industry % Change from Same Period Last Year 5.7% ▲

▲

3,871,986.411,700.0-

99.30.3 +0.3 ▲

▲

10

3,898,300.0


+2.6100.0

▲

+8 153.0 ▲+0.8+0.6

7.46.4

▲▲

Aozora Bank Ltd 94SBI Holdings Inc 0.3

- 11,815.7 +0.3 3 ▲

9.9% ▲

8

8,769,668.9

114,361.21.2

100.0

▲

Industry Total

6

+0.2▼▲

150.41.0

+0.80.91.0

▲

-9.9

Daiwa Securities Group Inc13.9

9Mitsubishi UFJ Financial Group

1110

7

Top Ten Total

113Deals

+13.3 ▲Mitsubishi UFJ Morgan Stanley


Sumitomo Mitsui Finl Grp Inc2,184.3 13.6▼2,457.8

▼▲

▼ 515.3 4

-3.5Nomura

52.0

2,232.5▲▼ 40.6

+3-3

+23▼

105

13 +10

48.5

1582

▲

98▼

# of ManagerShare Ch. Fees ¥mil# of Deals

Market Market

▼▼

12.0

Imputed Fees (¥mil)

▲▲


▲

Market

+8.0Share Ch.Sh (%)

+44 9,172.0

Jan 1 - June 30

-0.2

-6.94,847.9

+4.6

1.3-2.6

21.5

12.63,966.04,150.1

▼▲+0.2

42.5

Change in

27.8▲

1.3

▲+11

1+1.53

2 595,243.6 15.3

34.6

5▼-5.6

1,350,388.3

Japanese Corporate Debt (AP3)

20.2

9

Sumitomo Mitsui Finl Grp Inc 4

0.81.1

Daiwa Securities Group Inc 12.15 4Shinkin Central Bank

Citi 8 7 17,187.5

1031,000.041,800.06

Tokai Tokyo Financial Holdings 7 +0.4

1-0.2

5,295.818.6 ▼

+14.6 ▲2,985.1

-4.9

Deals

Bonds Targeted in Japan (AP4)

20128.0

Market

▲289

▲7,100.5

+0.3+20

37.4 14.7

Sh (%)61.1

2015 Rank

-3.414.3

1,984,337.9-0.3

Proceeds per Bookrunner (¥mil)Market

Sh (%)Proceeds2016

RankShare Ch.33.0 ▲2,574,559.2

21.6+8.5Mizuho Financial Group+3.1

¥milSh (%)2016 Rank

2015 Rank

Proceeds

▲

Lead Manager ¥mil1

788,229.0

Market

55.9Share Ch.

Change in

▲


Sh (%) Lead ManagerMarket

126

# of Deals Fees ¥milMarket

-6+17

▼ 412.0▼

▲

413.11,203,791.3

1,311,640.6▲3

1312.01,103,442.7 ▼-2.9

2.7▲180471,921.7

39.338.1

62.4+21

186 +23-2.8552,700.63

14.2 -0.55 ▼ 177

▼

# of

Jan 1 - June 30

Proceeds per Bookrunner (¥mil)

Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

▲2Mitsubishi UFJ Morgan Stanley

Nomura 3Mizuho Financial Group +28 22

1


-

-

-

-

-

-Asia-Pacific

-

-

-

-

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2016 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


Tel: +44 207 542 4376

E-mail: [email protected]

Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.

Europe

Carina Causon-Israel

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Ian Willmott

If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:

Tel: +1 646 223 8457


League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and allFederal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rankineligible and are not included in league tables for the current calendar year.

All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on June 30, 2016.

Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.

As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.

Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicate members.




Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

Evgeniya KolesovaUnited States

Tel: +632 459 1566

JapanAki SatoTel: +813 6441 1120E-mail: [email protected]

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DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_2Q_2016_E.pdf · Global High Yield Debt (B4) Global High Yield Debt - US Dollar Denominated (B5)